Shri Goyal noted that access to institutional finance has transformed MSME operations, enabling entrepreneurs to start businesses, expand activities, and enhance livelihoods. Schemes such as Mudra loans and PM SVANidhi have further widened credit access, with nearly 70% of Mudra loans benefiting women entrepreneurs and street vendors receiving incremental loan support under PM SVANidhi.
India–New Zealand FTA: A Game-Changer
Referring to the recently concluded India–New Zealand Free Trade Agreement (FTA), the Minister stated it represents the seventh FTA under Prime Minister Narendra Modi and underscores India’s shift toward partnerships with developed economies. New Zealand has committed USD 20 billion in binding foreign direct investment over the next 15 years, compared to just USD 70 million invested over the past 25 years. The FTA includes enforceable provisions to ensure investment commitments, marking a significant milestone in bilateral trade and economic cooperation.
FTAs Beyond Market Access
Shri Goyal highlighted that modern FTAs are comprehensive, encompassing technical collaboration to benefit farmers, innovators, and entrepreneurs, thus enhancing productivity and incomes. The India–New Zealand agreement is expected to channel substantial investments into innovation, manufacturing, and exports, with MSMEs poised to be the primary beneficiaries.
Women Leadership in Trade Negotiations
The Minister underscored that the India–New Zealand FTA was primarily negotiated by women officers, marking the first such agreement finalised by women. India’s Ambassador to New Zealand is also a woman, highlighting the prominent role of women leaders in shaping India’s international trade and economic growth.
Banks as Pillars of Inclusive Growth
Shri Goyal lauded banks for their professionalism, transparent processes, and proactive support to MSMEs. With MSME credit growing at a compound annual rate of 14%, banks are encouraged to lend responsibly and liberally to fuel expansion, guide enterprises in leveraging government schemes, and facilitate access to capital markets. He emphasized that many large corporations today originated as MSMEs, showcasing the sector’s critical role in India’s long-term growth trajectory.
Shri Goyal concluded by linking the growth of MSMEs and banks as “inseparable twins,” essential to achieving India’s vision of Viksit Bharat 2047. He extended best wishes to bankers and financial sector representatives, emphasizing the need for faster, inclusive, and sustainable growth during the Amrit Kaal.