Modi urges MSMEs to leverage FTAs

On India's 80th Independence Day, Prime Minister Narendra Modi urged micro, small and medium enterprises (MSMEs) to fully leverage India's expanding network of free trade agreements (FTAs), noting that India has finalized FTAs with about 40 countries since 2014. He emphasized the need to expand the global reach of Indian products, particularly textiles, machinery, and medicines. Exporters and industry bodies, including the Federation of Indian Export Organisations (FIEO) and the Council for Leather Exports, welcomed the call, stressing that the real opportunity lies in converting tariff advantages into actual export orders and integrating into global value chains. India has recently implemented FTAs with the UAE, Mauritius, Australia, the UK, the EFTA bloc, and Oman, and has finalized agreements with the European Union and New Zealand. MSMEs account for about 35.4% of India's manufacturing, 48.58% of exports, and 31.1% of GDP, making their participation critical to India's export ambitions.