SMEs rapidly evolving into competitive global players

New Delhi: India’s small and medium enterprises (SMEs) are rapidly transitioning into global contenders, due to India’s free trade agreements (FTAs) and their focus on digital transformation, said Khagen Murmu, Member of the Parliamentary Standing Committee on MSMEs, on Thursday.

At a 'Global SME Conclave' organised by ASSOCHAM, Murmu highlighted the transformative impact of FTAs with the UAE and Australia, as well as ongoing engagements with the European Union (EU).

“These agreements are proving to be game changers for Indian MSMEs. By enabling zero or minimal tariff access, they are significantly enhancing the competitiveness of Indian products particularly in sectors like textiles, handicrafts and engineering across international markets,” Murmu said.

With MSMEs contributing nearly 45–48 per cent of India’s total exports, Murmu emphasized that the sector is increasingly integrating into global value chains. “Our vision is clear; every Indian small enterprise must evolve from serving domestic markets to becoming a global supplier,” he added.

Experts stressed that digital transformation and improving regulatory framework will be the defining factor in unlocking the next phase of SME growth. The conclave brought together policymakers, industry leaders, financial institutions and technology experts to deliberate on next-generation lending ecosystems, digitalization and export competitiveness.