Piyush Goyal urges large firms to be sensitised on how to help MSMEs
Union Minister Piyush Goyal said that large corporations must take on responsibility for helping and guiding micro, small and medium enterprises (MSMEs) in adopting best practices and integrating them into the supply chain ecosystem.
During the fourth Plenary Session of the B20 India Inception Meeting on Building Resilient Global Value Chains, the Minister of Commerce and Industry emphasised the significance of larger businesses serving as an anchor for MSMEs and the need for them to be sensitised on how to support them.
He also gave an example of how the opening of Apple's manufacturing facility gave many MSME businesses a chance to become the company's mini value chain suppliers. He suggested that unnecessary paperwork should be eliminated, complex custom processes should be simplified, and technology should be used more to help small companies to operate smoothly.
Goyal also suggested that a study of Singapore's framework be conducted because the country is an important trading hub and knowing what they are doing right may help improve India's ecosystem that can better support MSMEs.
“If we do not harmonise our value chains with the rest of the world, or if we do not create logistics which are easier and faster, it would be difficult for international companies to get India into its value chain," he said, adding that the government is working to create an enabling ecosystem that is simpler, faster and promotes ease of doing business.