In order to spur job creation and promote trade in a sustainable manner, Commerce and Industry Minister Piyush Goyal has said there is a need to support micro, small and medium enterprises (MSMEs) in developing countries. The minister emphasized that supporting greater participation of MSMEs in developing countries are crucial for jobs and income generation.
He further stated that free trade and investments will benefit developing countries when they remain development centric. He highlighted deviation from this fundamental objective is the main reason for increasing disparities within and across nations. Even currently a large number of nations are still struggling to effectively integrate in the global trading system, which raises doubts about their efficacy.
He added critical linkage between financial and human capital also needs to be recognised to promote trade and investments in a sustainable and inclusive manner. Besides, MSMEs contribute around 45 percent in India's exports, about 25 percent to the Gross Domestic Product (GDP) from service activities and over 33 percent to the manufacturing output of India.