Industry Body Confederation of Indian Industry (CII) hailed the mention of MSMEs in the joint statement between India and the US during Prime Minister Narendra Modi’s state visit as a significant development. R Dinesh, President of the Confederation of Indian Industry (CII), as per ANI said that MSMEs are the backbone of our country’s growth and that MSMEs finding a mention in the joint statement was a significant development.
“We welcome this & thank the PM for it. The expanse & depth with which the approach has been made by PM has never been seen before,” he added.
On June 23, an India-USA joint statement was released after the official state visit of Prime Minister Narendra Modi to the US. The statement covered a number of issues related to the “diverse India-US partnership”. He also recognised the essential role that micro, small, and medium-sized enterprises (MSMEs) play in advancing inclusive growth, expanding exports, and boosting employment across our respective cities, towns, and rural areas.
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The joint statement said that Prime Minister Narendra Modi and President Joe Biden “welcomed plans under the Commercial Dialogue to organise a forum to promote the role and scope of MSMEs in bilateral trade and a digital commerce showcase to strengthen the engagement of women-owned and rural enterprises in particular.”
“They commended the work of the US Small Business Administration and the Indian Ministry of Micro, Small, and Medium Enterprises, which are pursuing increased cooperation and intend to formalize their work through an MoU to support entrepreneurs and MSMEs,” the statement added.
It also said that the US-India Comprehensive Global and Strategic Partnership are anchored in a new level of trust and mutual understanding and enriched by the warm bonds of family and friendship that inextricably link the two countries together.
“Together, we will build an even stronger, diverse US-India partnership that will advance the aspirations of our people for a bright and prosperous future grounded in respect for human rights, and shared principles of democracy, freedom, and the rule of law,” said the joint statement.
On the last day of the three-day US state visit, Prime Minister Narendra Modi met with a number of US chief executives including Google’s Sundar Pichai, Amazon’s Andy Jassy, and Apple’s Tim Cook. After the meeting, both Google and Amazon CEOs announced a number of investment plans in India.