Empowering MSMEs: Minister Highlights New Opportunities and Women Entrepreneurs
During the FICCI FLO National MSME Awards Ceremony, Union Minister of State for Commerce and Industry, Shri Jitin Prasada, underscored the transformative potential of Free Trade Agreements (FTAs) for India’s Micro, Small and Medium Enterprises (MSMEs). As India strengthens its trade ties with regions such as the European Union, the United Kingdom, Australia, and New Zealand, new avenues are being opened for MSMEs to tap into developed markets. This presents a significant opportunity for Indian manufacturers to be part of global supply chains and cater to international demand.
Focus on Quality-Driven Growth
Minister Prasada emphasized that the sustainability of MSMEs, which form the backbone of the Indian economy, hinges on transitioning towards quality-led manufacturing. He pointed out that nearly 65 percent of developed markets are covered under India’s current FTAs, which prioritize high-quality products. With an increasing number of digital-savvy consumers in rural and urban regions, there is a rising demand for better quality goods in India. He made it clear that zero duty access does not translate to a free pass for sub-standard products in the market.
The Tech Advantage
Highlighting the critical role of technology, the Minister advocated for the adoption of Artificial Intelligence (AI) across various sectors, including healthcare, transportation, and manufacturing. He encouraged MSMEs to leverage AI-driven solutions to boost productivity and efficiency while simplifying routine operational tasks.
Supporting Women Entrepreneurs
Dr. Subhransu Sekhar Acharya, Chairman and Managing Director of the National Small Industries Corporation (NSIC), stressed the importance of promoting women-led development. He introduced the Trade Enablement & Marketing (TEAM) initiative, which seeks to onboard five lakh MSMEs onto the Open Network for Digital Commerce (ONDC) platform, with an ambitious target of ensuring that 50 percent of these entrepreneurs are women.
FICCI Ladies Organisation (FLO) National President, Ms. Poonam Sharma, delineated the growing influence of women entrepreneurs across diverse sectors, emphasizing their importance in driving economic growth. She asserted that MSMEs are crucial for generating employment and fostering innovation. Furthermore, she discussed FLO’s initiatives aimed at enhancing women’s economic participation and leadership, including skill development and policy advocacy.
Comprehensive Support for Women-Led MSMEs
Ms. Sharma introduced the FLO MSME Assist Cell, designed to provide women entrepreneurs with a robust support ecosystem. The Assist Cell connects them with industry experts and mentors across various domains, including funding, marketing, and technology adoption, ensuring they not only establish but successfully scale their businesses.
During the ceremony, eleven women MSME entrepreneurs were honored for their outstanding contributions. The event featured prominent attendees, including Member of Parliament Shri Anurag Sharma and Head of FLO MSME Initiatives Ms. Ruby Garg, alongside several past Presidents of the FICCI Ladies Organisation.
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