A higher proportion of global trade and exports can just be the stepping stone for Indian MSMEs towards further growth and prosperity. A trade body like World Trade Organisation (WTO) can foster huge opportunities for the sector towards facilitation of business avenues globally. Then why is the Government of India not willing to be a party to an MSME forum being planned at WTO?
Despite the fact that MSMEs on an average remain 70 per cent less productive than large firms (World Trade Report 2016), about 38 per cent of India’s GDP is derived from the MSME sector. About 95 per cent of firms fall under this category, and a majority of job creation is done by this sector alone, only second to agriculture. Smaller firms can grow big through greater access to overseas markets where the competition is low and profits are high. A WTO forum plans to help address just the same. But as KK Jalan, Secretary, Ministry of MSME, says, “India is not in favour of a WTO forum on MSMEs.”
Structural issues
This story is from the May 17 edition of Entrepreneur magazine.
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This story is from the May 17 edition of Entrepreneur magazine.
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