New Delhi, March 9 (NationPress) - Union Minister Jitin Prasada announced on Monday that the recent Free Trade Agreements (FTAs) with leading global markets are set to unlock immense potential for India's MSME sector, facilitating enhanced exports and greater integration into international supply chains.

During the national MSME awards event organized by the FICCI Ladies Organisation (FLO), Prasada emphasized that trade agreements with regions such as the European Union, United Kingdom, Australia, and New Zealand will significantly enhance access for Indian micro, small, and medium enterprises to developed markets.

The minister highlighted that MSMEs, which are crucial to the Indian economy, need to transition from traditional low-cost and scale-based manufacturing to a focus on quality-driven production.

“Approximately 65% of developed markets are now engaged in FTAs. These nations seek high-quality products, and it is essential for Indian manufacturers to rise to meet these global standards,” Prasada stated.

He also cautioned that zero-duty access must not lead to the influx of substandard imports into India.

Furthermore, he mentioned that FTAs are anticipated to enhance MSME exports by incorporating them into global value chains, thus creating equitable market access opportunities for smaller businesses.

Prasada urged MSMEs to embrace innovative technologies like Artificial Intelligence to boost productivity, efficiency, and informed decision-making. AI is becoming increasingly vital across various sectors, including healthcare, manufacturing, transportation, and services.

Meanwhile, Subhransu Sekhar Acharya, Chairman and Managing Director of the National Small Industries Corporation (NSIC), underscored the necessity of promoting women-led enterprises through focused support, digital empowerment, and skill enhancement.

Acharya also pointed out the Trade Enablement and Marketing (TEAM) initiative, which aims to onboard five lakh MSMEs onto the Open Network for Digital Commerce (ONDC) platform, with a goal that 50% of these businesses are women-led.

Additionally, Poonam Sharma, National President of FLO, remarked that women-led MSMEs are becoming significant contributors to inclusive economic growth. She noted that FLO is dedicated to bolstering women's economic involvement through entrepreneurship support, skill development, and policy advocacy.

The organization has also initiated the FLO MSME Assist Cell to offer women entrepreneurs mentorship, access to funding, marketing assistance, and technology support.