“Focus on Innovation and Quality to Access New Markets: CEA Nageswaran”

India’s Chief Economic Advisor, V Anantha Nageswaran, urged MSMEs to embrace a culture of innovation, competitiveness, and quality amid pressures like the US’ 50% tariffs. Speaking on Tuesday, he emphasized the importance of ambition as a key behavioral trait, noting that while MSMEs being content with their current state is acceptable, it becomes problematic if their lack of ambition reflects acknowledgment of underlying challenges. Nageswaran highlighted the need to treat MSME suppliers on par with larger suppliers and continuously engage with them to foster innovation and quality-driven approaches that help them break into new markets and enhance competitiveness.