US and India Team Up to Help Small Businesses Grow Globally
The head of the US Small Business Administration (SBA), Isabel Casillas Guzman, announced a new agreement between the SBA and India’s Ministry of Micro, Small and Medium Enterprises (MSMEs). This agreement aims to strengthen the collaboration between the two countries to promote small business participation in the global marketplace.
Guzman, who represents over 34 million small businesses in President Joe Biden’s Cabinet, signed the agreement with the Indian Ministry for MSMEs in New Delhi on August 13. This is the SBA’s first collaboration with India.
Guzman stated, “The United States-India partnership is grounded in shared values of democracy, freedom, and opportunity. Through our new MOU with the Indian Ministry of MSMEs, the SBA is delivering on President Biden and Prime Minister Modi’s commitment to expanding our collaboration on empowering more small businesses and innovative startups in the global marketplace.”
The agreement focuses on integrating small businesses into the green energy transition and promoting women’s entrepreneurship. Over the next five years, the US and India will work together on entrepreneurial training, access to capital, trade and export financing, and leveraging technology and digital services. They also plan to develop a “Business Matching Digital Platform” to boost business opportunities and partnerships between US and Indian firms.
Doubts Revealed
US Small Business Administration (SBA) -: The US Small Business Administration (SBA) is a government agency in the United States that helps small businesses by giving them loans, advice, and other support.
Ministry of Micro, Small and Medium Enterprises (MSMEs) -: The Ministry of Micro, Small and Medium Enterprises (MSMEs) is a part of the Indian government that helps small businesses in India grow and succeed.
Isabel Casillas Guzman -: Isabel Casillas Guzman is the head of the US Small Business Administration. She helps make decisions to support small businesses in the United States.
global market -: The global market means all the people and businesses around the world that buy and sell goods and services. It’s like a big marketplace that includes many countries.
technology -: Technology refers to tools, machines, and systems that help people do things more easily and efficiently, like computers, smartphones, and the internet.
green energy -: Green energy is energy that comes from natural sources like the sun, wind, and water. It is good for the environment because it doesn’t pollute the air or water.
women’s entrepreneurship -: Women’s entrepreneurship means women starting and running their own businesses. It helps create jobs and supports the economy.
President Joe Biden -: President Joe Biden is the current President of the United States. He is the leader of the country and makes important decisions.
Prime Minister Narendra Modi -: Prime Minister Narendra Modi is the current Prime Minister of India. He is the leader of the country and makes important decisions.
