Integrating Indian SMEs into the Global Supply chain
Bangalore: The SME (Small and Medium Enterprise) chapter in India has seen tremendous growth of late, and has drawn the attention of a number of international companies. Continuing on this note, the 7th Indo-US Economic Summit discussed the new areas in which SMEs in India could be empowered with the cooperation of American companies.
The Summit was attended by a large number of delegates from India and USA, and the main topics of discussion included ways to strengthen the SME sector of both countries by making possible a policy-enabling environment for SMEs, the concerns of SMEs in US and India, opportunities for bilateral commercial engagement as well as strengthening the global supply chain management systems.
Shri Virbhadra Singh, Minister of Micro, Small and Medium Enterprises further noted that while SMEs in developing countries like India faced a number of difficulties that hindered them from growing in terms of value, American SMEs could benefit from catering to priority sectors (such as software and IT services, communication, agricultural business, precision engineering, food processing, entertainment) just as India did. "As Indian economy is getting more and more globalized, SMEs are getting more and more actively involved in economic activities along the global value chain, especially in the export sector" he said.
With the Indian Government's recognition that the empowerment SME entrepreneurs is vital to achieving sustainable development, Singh said the hurdles slowing down their growth must be eradicated so that they could fully engage themselves in business and their growth. He also said that entrepreneurial development achieved by information dissemination, training programs; trade fairs and such could result in more remunerative business opportunities. SMEs should increasingly participate in global value chains through joint action and co-operation by developing their negotiational capacities and skills with MNEs (Multi National Enterprises) through awareness building and institution-supported training, according to Singh.
Apart from all this, the US-India Business Council (USIBC) launched a new initiative announced Singh, called the "Coalition for Healthy India (CHI)", which will aim at improving the access to health care SMEs in India, including those that have access to the latest treatments and innovation. The initiative aims at fostering innovation, so that the best treatment and health care equipment is available across India, in spite of the wide variety of health care challenges the medical field faces.
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