New Delhi, Feb 8 (NationPress) The Confederation of All India Traders (CAIT) announced on Sunday that the Micro, Small, and Medium Enterprises (MSME) sector in India is poised to seize increased business prospects in the American market, following the completion of the initial phase of the India-US trade agreement.

According to CAIT, "This trade agreement, achieved under the visionary leadership of Prime Minister Narendra Modi, signifies a pivotal moment in India's aspirations to be a global economic leader, benefiting the MSME sector. It demonstrates India’s rising profile as a confident and dependable trade partner internationally," the statement read.

CAIT Secretary General Praveen Khandelwal emphasized that this trade deal will greatly enhance several crucial Indian sectors, such as textiles and apparel, leather and footwear, gems and jewellery, generic pharmaceuticals, automotive and aircraft components, chemicals, plastics and rubber products, home decor, handicrafts, and specific engineering goods.

He highlighted that improved market access and tariff adjustments will boost India's export competitiveness in the world's largest economy.

Notably, this agreement is set to provide a significant and timely uplift to the MSME sector, which is a cornerstone of India's economic framework.

"By creating broader export avenues, the deal will empower MSMEs to enhance production, expand globally, and create substantial employment opportunities, especially for youth and women," he noted.

Furthermore, it will bolster the Make in India initiative by integrating Indian businesses more deeply into global supply chains, Khandelwal added.

Simultaneously, the agreement ensures the protection of India's core national interests, particularly in sensitive agricultural and rural sectors, highlighting the government's balanced and farmer-focused trade strategy, according to the CAIT Secretary General.

"In conclusion, the India-US trade deal is a forward-thinking initiative that will fast-track exports, encourage entrepreneurship, and solidify India's journey toward Atmanirbhar Bharat and Viksit Bharat," Khandelwal stated.

CAIT represents over nine crore traders and more than 40,000 trade associations in India's non-corporate sector. Established in 1998, it champions the interests of small businesses and retailers, advocating for policy reforms, digital adoption, and the promotion of fair trade practices. CAIT serves as a crucial link between the government and the trading community, fostering and sustaining the growth of small and medium-sized enterprises.