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2014-03-06

Narendra Modi urges SMEs in India to embrace competition

Narendra Modi has laid out a broad economic policy for India that encouraged family-owned businesses to embrace competition.

BJP’s Prime Ministerial candidate Narendra Modi has laid out a broad economic policy for India that encouraged family-owned businesses to embrace competition.

 

Speaking at a gathering of the Confederation of All India Traders in New Delhi, Modi said, “Small traders should adapt to a changed marketplace by improving the quality of their goods so they could work with large online retailers, rather than fear the e-commerce market.

 

“We should not worry about the challenges from global trade,” Modi said.

 

He emphasized that the Ministry of External Affairs should engage in “economic diplomacy” to help hasten India’s growth.

 

Modi and his party are the front-runners in the national elections in May, according to a recent survey by the Pew Research Center.

 

Though the Bharatiya Janata Party has traditionally been a staunch supporter of small traders, analysts said it was clear that Modi was trying to attract big businesses as well.

 

Later in the day, during a speech at the India Economic Convention, Modi said he favored a nationwide goods and services tax, which would replace a fragmented system of state and central government taxes.

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