Speaking on the sidelines of the G20 Ministerial Meeting on Trade and Digital Economy, Commerce Minister Piyush Goyal called for more participation by Micro, Small, and Medium Enterprises (MSMEs) of developing nations in domestic and global trade, media reports said.

He reiterated that with the advent of digital technologies, services are vital drivers of growth.

Goyal said, “Servicification of the manufacturing sector is enhancing the importance of services in global trade. Major investment is also being driven by the services sector. Thus, we need to remove barriers and facilitate temporary movement of highly skilled professionals to sustain this investment and growth.”

He made the statement a few days after urging representatives of Indian industry, trade and exports bodies to reduce dependency on subsidies and grants from the Central Government and strive to make industry and production more competitive and self-reliant.

In order to remove barriers facing MSMEs, Piyush Goyal supported greater participation of MSMEs in developing countries both in domestic and global trade, as they are crucial for jobs and income generation, on which the livelihood of millions is dependent.

“India urges G20 to provide preferential market access to MSMEs in developing countries to be part of the Global supply chains,” he said.

At the bilateral meetings which comprised host country Japan as well as the USA, the UK, China, France, Singapore, Korea, Spain, Canada, EU, Mexico, Saudi Arabia, South Africa, Chile, and Australia, Goyal also emphasised the need for reciprocal market access for Indian products.

Goyal took over from Suresh Prabhu to become the Minister of Commerce and Industry in Prime Minister Narendra Modi’s new Cabinet on May 31. He also holds the office of Ministry of Railways since 2017. Goyal first made his mark in the BJP as a treasurer and held portfolios in coal, power, railways, and finance.  

Goyal was also provided with the finance portfolio in May 2018, which he held till August, while Arun Jaitley was recuperating from a kidney transplant. He presented the interim Budget in the Parliament in January 2019.

Published On : 11-06-2019

Source : SMB Story