Emphasising the need for a greater focus on micro, small and medium enterprises (MSMEs), Prime Minister Narendra Modi on Thursday called for greater participation of MSMEs in global value chains. In his opening remarks at the G20 Trade and Investment Ministers’ Meeting in Jaipur, Modi said resilient and inclusive global value chains have to be built that can withstand future shocks and that India’s proposal to create a ‘generic framework for mapping global value chains’ is important in this context.
“Current global challenges, from the pandemic to geo-political tensions, have tested the world economy. As G20, it is our responsibility to rebuild confidence in international trade and investments. We must build resilient and inclusive global value chains that can withstand future shocks. In this context, India’s proposal to create a generic framework for mapping global value chains is important. This framework aims to assess vulnerabilities, minimise risks, and enhance resilience,” Modi said in his recorded video message to the ministers participating in the trade meeting.
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