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India's micro, small and medium enterprises (MSMEs) should seize opportunities created by the country's free trade agreements (FTAs) and ensure that Indian products, including textiles, machinery, medicines and seafood, reach global markets, said Prime Minister Narendra Modi on Saturday, while addressing the nation on the occasion of India's 80th Independence Day.
PM Modi said India's growing global standing and the FTAs signed with around 40 countries since 2014 have created a major opportunity for domestic businesses, particularly MSMEs. He called on them not to miss the opportunity and stressed the need for Indian products to meet global standards. "We have to reach the world. Everything that India produces should reach the world market," Modi said, adding that sectors such as textiles, machinery and pharmaceuticals have significant potential to expand their global footprint. He said India's textile industry, from Ludhiana in Punjab to Tirupur in Tamil Nadu, could expand its presence globally, while the country's fisheries and seafood sector could also benefit from greater export opportunities created by FTAs. PM Modi, however, said Indian businesses would have to meet global parameters and deliver products of the highest quality to compete internationally. The Prime Minister also called for India to set more ambitious goals for building globally competitive companies and brands, arguing that the country's economic rise should translate into greater representation among the world's leading businesses. "Why shouldn't India have 50 companies" in the Fortune 500 in the coming decade, he asked, while also setting out ambitions for an Indian bank to feature among the world's top five banks. He said India should also aim to have one or more pharmaceutical companies among the world's top five and develop globally leading firms in areas such as law, ratings, consulting and accounting. PM Modi said India has the talent, capabilities, linguistic strength and a long history to compete globally, and urged businesses to leverage these strengths to build internationally recognised brands. "India's technology companies should be a scoreboard in the world," he said, stressing that creating global brands should be a national goal. He also highlighted India's stable political mandate, vibrant democracy, strong judicial system and constitutional framework, saying these factors have contributed to the country's growing recognition and respect globally. (ANI)
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