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Source: The post is based on the article “PM seeks level playing field for smaller e-com companies” published in The Hindu on 25th August 2023.
What is the News?
The Indian Prime Minister addressed the G20 Trade and Investment Ministerial summit.
What are the key takeaways from the PM’s address at the G20 Trade Summit?
Rebuild Confidence: COVID-19 pandemic and geopolitical tensions have challenged the world economy.PM called on the G20 countries to work together to restore confidence in international trade and investment.
– He proposed creating a Generic Framework for Mapping Global Value Chains to assess vulnerabilities, minimize risks, and enhance resilience.
MSMEs: Micro, Small and Medium Enterprises (MSMEs) account for 60% to 70% of employment and 50% of the global gross domestic product(GDP).
– The proposed ‘Jaipur Initiative’ that seeks to foster seamless flow of information to MSMEs will address the challenge of inadequate access to market and business-related information faced by MSMEs.
Challenges in e-commerce: PM highlighted the challenges posed by global cross-border e-commerce, particularly for smaller businesses and consumers.
– He called for collective efforts to ensure fair competition between large and small sellers and to address issues related to fair pricing and grievance handling.
– He also mentioned the importance of digitization in expanding market access through e-commerce.
