The Union minister Pratap Chandra Sarangi said that the Micro, Small and Medium Enterprises(MSMEs) were required to integrate with the global value chains. And they want to recognize the significance of combinement with the global value chains which are operating the trade presently.
The Minister of State for the Micro, Small and Medium Enterprises(MSMEs) has pointed out in the Assocham webinar, that MSMEs face lots of challenges in the procedure of integration to the global value chain. Consequently, attempts must be made to build up the MSMEs sector nearby to authorize their penetration and extend globally. Then the Minister of State said that now much of merchandise is occurring in the kind of global value chains and MSMEs should realize the prominence of consolidation with those chains and improve themselves appropriately.
This integration of Micro, Small and Medium Enterprises(MSMEs) is important for the financial possibility of global value chains as not only do they give a low-cost method of functioning but also with their geographical extent and transformation capacities and the MSMEs form the cornerstone for encouraging global economic growth also. The MSMEs are the key players of innovation, economic growth and employment generation. The ministry of state for MSMEs has handled various initiatives to technologize the MSMEs sector during the last year. These contain putting in place financial aid mechanisms via Fund of Funds, expanding the definition of MSMEs, initiating Information Technology (IT) based Champions policy to give solutions to the difficulties of MSMEs sector.
The Minister also pointed out that the part and perspective of Indian MSMEs along with the requirements to enhance their efficiency, productivity, effectiveness and quality wants to be observed in the circumstances of a globally competitive landscape. In the integration steps to the global value chain, this MSMEs sector faced many difficulties so all these attempts must be made to strengthen the MSMEs sector locally to enable their penetration and reach globally. And they also ensure that they should realize all the importance of the integration with those chains. Those chains give the opportunities to expand their exports and boost their integration into the economy globally.