Prime Minister Narendra Modi called for rebuilding confidence in global trade and investment processes, amid turbulence in the global economy and geopolitical uncertainty.
Additionally, he offered a "generic framework for mapping global value chains". The PM stated in his speech to the G20 trade and investment ministers that "this framework aims to assess vulnerabilities, minimise risks, and enhance resilience."
Modi reiterated the necessity of creating robust global value chains that can withstand future shocks at a time when many nations are experiencing shortages of and restricted access to a number of essential inputs. Countries all throughout the world have put up trade barriers recently, including limitations on imports and exports.
The PM also underlined the need to focus on small businesses and give them equal opportunities to compete, including in ecommerce. “For us, MSME means Maximum Support to Micro, Small, and Medium Enterprises,” said Modi, while elaborating on how India has integrated MSMEs into public procurement through online platforms, such as, GeM (Government e-marketplace) and Open Network for Digital Commerce (ONDC).
Speaking about the proposed Jaipur Initiative to foster seamless flow of information to MSMEs, Modi said this will address the challenge of inadequate access to market, and lack of information faced by MSMEs. He added that upgrading the global trade help desk will increase participation of MSMEs in international trade.