MUMBAI: Minister of State for External Affairs, Government of India, General (Dr.) V. K. Singh (Retd.) has said that MSMEs have a big role to play in the growth of global value chains.
He pointed out that low capital requirement and high employment generation capability are two factors that make MSMEs particularly suited to developing countries such as India.
Dr. Singh was speaking as Guest of Honour at the opening session of Day 2 of the 7th Global Economic Summit in Mumbai recently. The Summit is being organized by World Trade Centre Mumbai and All India Association of Industries, with the theme Global Value Chains: Accelerating MSME Growth, Development and Sustainability, during February 22 – 24, 2018.
Stating that Global Value Chains (GVCs) are supply chains that exist on a global scale, the Minister said that India has not been able to catch up with how the world has progressed. He said that the world is flat now and that there is a need to establish value chains in India which are able to cater to the needs not only of the domestic market, but also of other markets outside.
The Minister spoke of the importance of sustainable trade. He said that there is a need for striking the right balance between production and marketing.
Earlier, Minister for MSME, Government of Odisha, Shri Prafulla Samal addressed the audience, speaking of the potential of MSMEs and the investment potential of the state. Chairman, MVIRDC World Trade Centre, Mumbai, Shri Kamal Morarka; and President, All India Association of Industries and Vice Chairman, World Trade Centre, Mumbai, Shri Vijay G. Kalantri were among other dignitaries present on the occasion.