EXPANDING GLOBAL HORIZONS: J&K MSMEs AND THE G20 PRESIDENCY

Micro, small, and medium-sized enterprises (MSMEs) in India and J&K in particular have an exceptional chance to benefit from the G20 presidency and strengthen their position on the international stage. With India taking over as president, it obtains greater global prominence, giving Indian MSMEs a platform to present their expertise and goods to a larger audience. This exposure not only garners attention on a global scale but also creates chances for future business partnerships with international partners, enabling entry to undiscovered markets. The outstanding networking opportunities provided by the G20 chairmanship are one of its main benefits. Influential world leaders, decision-makers, and corporate representatives from member nations gather at the G20 summits. The influx of international players offers MSMEs the perfect setting to network, develop alliances, and consider working with overseas partners. These contacts give J&K MSMEs access to new markets, technologies, and investment opportunities in addition to helping them grow their networks. Additionally, India is better able to promote policies that directly help its MSME sector because of its active involvement in G20 negotiations. During these meetings, concerns can be brought up and promoted, including greater access to finance, simplified trade facilitation, and supporting regulatory frameworks. India can seek support for policies that encourage its growth and improve its competitiveness on a global scale by expressing the needs and interests of its MSMEs. The G20 presidency also acts as a platform for information exchange, allowing Indian MSMEs to benefit from the insights and best practices of other G20 members. The sharing of cutting-edge business models, tech adoption tactics, and sector-specific knowledge can provide Indian MSMEs with insightful information that can motivate them to make improvements and conform to international best practices. With the help of this knowledge exchange, MSMEs can strengthen their capabilities, adopt cutting-edge techniques, and become more competitive overall. The G20 presidency may benefit MSMEs in the area of capacity building. India can give priority to programmes that aim to increase the knowledge, output, and competitiveness of its MSMEs. India can arm its MSMEs with the skills and knowledge they need to succeed in the global marketplace by providing targeted training programmes, mentorship opportunities, and technical help. Moreover, the G20 debates frequently center on expanding MSMEs’ access to funding. India should take proactive measures to promote an enabling climate for MSME financing as the G20 presidency. This may entail advocating for programmes like credit guarantee schemes, venture capital funds, and alternative financing models that increase the financial resources that are available to MSMEs. Access to financing can be made easier, which can support business growth, investment in technology, and innovation within the MSME sector. Furthermore, India’s G20 leadership enables the development of MSMEs-specific knowledge-sharing platforms. These platforms can encourage collaboration and group learning by facilitating the sharing of knowledge, resources, and ideas among MSMEs. India can boost its MSME sector and raise its level of competitiveness on the world stage by fostering an ecosystem that encourages knowledge exchange.

It is crucial to remember that in order for MSMEs to fully benefit from the G20 presidency, efficient policy execution, proactive participation, and smart harnessing of the opportunities afforded by this prominent role are all necessary. MSMEs can prosper in the international market and raise their growth, innovation, and competitiveness to new heights by leveraging improved global visibility, networking opportunities, policy advocacy, knowledge exchange, capacity-building initiatives, improved access to financing, and dedicated knowledge-sharing platforms. Finally, it is highly suggested that the government of Jammu and Kashmir take proactive steps to make it easier for MSMEs from the Jammu and Kashmir regions to participate in international platforms, like the G20 presidency, where they can showcase their goods and invite trade, business, and industry representatives. The government may develop a climate that encourages MSMEs to take advantage of these opportunities and boost international collaborations by actively involving industrial groups, chambers of commerce and industry, and other pertinent players. The government should also draw attention to the industrial policy efforts and incentives that have been provided to aid in the expansion of the MSME sector in the area. This would not only demonstrate the government’s dedication to strengthening MSMEs but also operate as a magnet for potential partners and investors. The government can inspire confidence and spark interest among local and foreign stakeholders in the vast potential of the Jammu and Kashmir MSME sectors by effectively conveying the policy highlights and incentives.

The government must immediately put in place a comprehensive framework that fosters the expansion and improvement of MSMEs, including improved trade facilitation, easy access to capital, and supportive regulatory frameworks. The government can foster an environment where MSMEs can thrive, improve their competitiveness, and significantly contribute to the region’s economic progress by enacting specific policies and providing the required infrastructure. The Jammu and Kashmir government can unleash the enormous potential of the MSME sector in the area by actively participating in the G20 presidency, facilitating MSMEs’ participation, highlighting industrial policy initiatives and incentives, and fostering collaborations with trade, business, and industry representatives. This coordinated approach will support the expansion of MSMEs while also helping Jammu and Kashmir’s economy as a whole.