'Our MSMEs have great opportunity to be part of global supply chain,' says PM Modi | Indiablooms First Portal on ...

'Our MSMEs have great opportunity to be part of global supply chain,' says PM Modi | Indiablooms  First Portal on ...

Prime Minister Narendra Modi addressed MSME entrepreneurs in Madurai, Tamil Nadu, highlighting their key role in the automotive industry and the nation's economic growth. He emphasized the opportunity for MSMEs to join the global supply chain and announced initiatives to support the sector. Modi also praised India's success in shipbreaking and urged the industry to take advantage of new opportunities, including in electric vehicles.

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FAQs about PM Modi's Statement on MSMEs and Global Supply Chain

Frequently Asked Questions (FAQs)

1. What did PM Modi say about MSMEs and the global supply chain?

Answer: Prime Minister Narendra Modi stated that Micro, Small and Medium Enterprises (MSMEs) in India have a great opportunity to become a part of the global supply chain. This emphasizes the potential for these businesses to expand their reach and contribute to international markets.

2. Why are MSMEs important to India's economy?

Answer: MSMEs are crucial to India's economy because they contribute significantly to the country's gross domestic product (GDP), exports, and employment generation. They are also known for fostering entrepreneurship and providing a wide range of services and products.

3. How can Indian MSMEs integrate into the global supply chain?

Answer: Indian MSMEs can integrate into the global supply chain by adopting new technologies, improving quality standards, engaging in collaborations and partnerships, and aligning their products and services to meet international demands. Initiatives like 'Make in India' and various export promotion schemes also support their integration.

4. What steps is the Indian government taking to help MSMEs go global?

Answer: The Indian government is taking multiple steps to bolster MSMEs, including policy reforms, providing access to finance, easing compliance burdens, and enhancing competitiveness through skill development and technology upgradation. Government programs such as the MSME Export Promotion Council also aim to facilitate international trade for small businesses.

5. How does PM Modi view the future of Indian MSMEs in the global market?

Answer: PM Modi envisions a robust role for Indian MSMEs in the global market. His statement suggests optimism about the potential for MSMEs to integrate into the global supply chain, which would enhance their growth and, consequently, boost the country's economic prosperity.

For more specific details on PM Modi's statement regarding MSMEs and opportunities in the global supply chain, it would be necessary to look for additional sources or official statements from the Prime Minister's office or related Indian government departments.