SMEs Gain Global Muscle from India’s FTAs and Digital Surge

India’s small businesses are on the verge of a renaissance, fueled by savvy FTAs and digital innovations, according to top voices at the ASSOCHAM Global SME Conclave. Parliamentary MSME committee member Khagen Murmu unpacked the UAE, Australia, and EU agreements’ role in elevating SME prowess.

These pacts deliver tariff relief, turbocharging competitiveness for textiles, handicrafts, and engineering exports—domains where SMEs fuel 45-48% of outflows. Murmu rallied for SMEs to transcend borders, becoming indispensable in worldwide supply ecosystems.

Conclave sessions tackled futuristic lending, tech transformations, and export strategies, uniting diverse experts. Udyam and GeM portals are game-changers, democratizing opportunities and sidelining intermediaries, though experts advocate for intensified education and training.

Padma Jaiswal, a senior Delhi bureaucrat, forecasted $500 billion market windfalls from AI and digital advancements. Digital services’ 25% GDP-export imprint enables seamless global buyer ties, operational finesse, and competitive leaps.

“Digital adoption isn’t a choice anymore—it’s the lifeline for SMEs to infiltrate global markets, heighten efficiency, and broaden horizons,” she emphasized. With focused reforms, SMEs are set to redefine India’s trade story, emerging as fierce international contenders.