MSMEs have potential to drive export led growth in India: Amitabh Kant

New Delhi, Aug 23 (KNN) Serving global markets through quality and cost competitive products, Micro, Small and Medium Enterprises (MSMEs) have the potential to drive the export-led growth in India, said Amitabh Kant, CEO, NITI Aayog.

He was speaking at a webinar themed ‘Enabling MSME Growth through Financial Inclusion’, organized by FICCI-CMSME and Facebook on Friday.

While pointing out that that MSMEs will play a significant role in reviving India’s economic growth and in achieving the vision of a self-reliant India, Kant said, “There is a need for the Indian MSMEs to enhance their capabilities to supply quality products at competitive price, embracing technological solutions across the supply chain is an imperative in addressing quality concerns and improving cost competitiveness. This will be possible by a strong focus on innovation and entrepreneurship.''

''By serving global markets through quality and cost competitive products, MSMEs have the potential to drive the export-led growth in India. Competitive MSMEs will have a spillover effect of reducing our import dependency especially in labour intensive manufactured goods like the garments and electronics amongst others,” he added.

Kant also emphasized that one of the most critical aspects for India’s integration into the global value chain is for our industries to become globally competitive. This can be achieved through the adoption of disruptive and transformational technological processes in industries.

He further said that the government is committed to create an enabling environment for the MSMEs and private sector to thrive. The private sector will also need to help the MSMEs by adopting latest technologies and new business processes.

''With the world rapidly changing, the emergence of new technologies and changes in consumer preferences, we should guide and upskill our MSME sector to take advantage of the new global environment,” he said.