Sustainability No Longer Just About Compliance, MSMEs Should Adapt To Sustainable Practices To Be Globally Competitive: Mr. Suman Bery, Vice Chairman, NITI Aayog

Addressing an event organised by industry body CII recently, Mr Suman Bery – the NITI Aayog Vice-Chairman, said that India will have to attract micro, small and medium enterprises (MSMEs) from other countries to be fully competitive and integrate MSMEs with larger supply chains to achieve 7-8 per cent economic growth

Mr. Bery also said that attracting foreign MSMEs also depends on a vibrant relationship between domestic MSMEs and the large-scale corporates to which they contribute, while observing that complicated regulations pose as entry barriers for international MSMEs into the Indian markets.

Speaking on India’s growth prospects, Mr. Bery said that the country has staged a remarkable economic recovery post-COVID, emerging as the fastest-growing large economy in the world, as acknowledged by the IMF. Emphasizing on the importance of sustainability, Mr. Bery noted that as the world moves towards greener supply chains, Indian enterprises, both large and small, must adapt, as sustainability is no longer just about compliance; it is becoming a core factor in global competitiveness.