Abstract:

Prime Minister Narendra Modi’s proposed online portal aims to connect Small and Medium Enterprises (SMEs) in CARICOM countries with Indian stakeholders, fostering economic growth, innovation, and capacity building in the Caribbean. The platform will help CARICOM SMEs form strategic partnerships with Indian businesses, access new markets, and integrate into global supply chains. It will focus on technology transfer, particularly in agriculture, renewable energy, and healthcare, while offering financial support through grants and investment opportunities. Additionally, the portal will provide training and resources to enhance the digital and managerial skills of SME owners and employees. By promoting trade, cultural exchange, and research collaboration, the initiative will strengthen business ties between CARICOM and India, driving sustainable development in the region.

Objective: The objective of this paper is to examine how Prime Minister Modi’s proposed online portal mechanism can specifically benefit Small and Medium Enterprises (SMEs) in CARICOM countries, enhancing trade, economic cooperation, and technological integration.

Methodology: This paper is based on an analysis of recent news announcements regarding the proposed online portal, contextualising these developments within the framework of India-Caribbean economic relations and their potential impact on SMEs in CARICOM countries.

Keywords: Online Portal, SMEs, CARICOM, India, Connectivity, Technology Transfer, Financial Support, Capacity Building, Trade, E-commerce, Research and Development.

1 Introduction:

PM Modi’s Seven-Pillar Proposal to Strengthen India-CARICOM Ties: Prime Minister Narendra Modi’s recent proposal to strengthen the relationship between India and the Caribbean Community (CARICOM) focuses on seven key pillars, which were outlined during discussions on November 20, 2024. The primary areas include economic cooperation, agriculture and food security, health and pharmaceuticals, science and innovation. These pillars reflect India's strategic approach to fostering deeper ties with CARICOM nations, emphasising not only bilateral trade but also the long-term sustainable development goals of both regions1 . Modi's emphasis on these sectors showcases the priority India places on leveraging its expertise and resources to support the economic and social development of CARICOM countries. This partnership is vital as it also aligns with India’s broader diplomatic and economic interests, enhancing its role as a global player in the Caribbean.

Emphasising the "Five Ts" to Foster India-CARICOM Collaboration: Central to PM Modi’s vision for India-CARICOM relations is the promotion of the "Five Ts"—trade, technology, tourism, talent, and tradition. These interconnected elements form the foundation for future collaborations and are designed to address mutual challenges, foster economic integration, and promote cultural exchanges. By leveraging trade, technology, tourism, talent, and tradition, India aims to not only enhance economic ties but also foster a deeper understanding and appreciation of each other's cultural heritage. The creation of an online portal is pivotal to this vision, facilitating streamlined interactions between businesses and stakeholders across both regions. Through this initiative, both India and CARICOM nations can capitalise on shared expertise, technologies, and resources, positioning themselves to meet emerging global challenges2 . Modi’s focus on these "Five Ts" reflects a comprehensive and integrated approach to international relations, seeking to enhance India’s engagement with CARICOM countries across multiple fronts.

Context of the Proposal: The proposal to develop an online portal comes at a time when India’s diplomatic and economic engagements with CARICOM nations are becoming increasingly strategic. PM Modi’s visit to Guyana during the second India-CARICOM Summit marked a significant milestone, as it was the first visit by an Indian Prime Minister to the country in over 50 years3 . This visit underscores the importance India places on strengthening its ties with the Caribbean region. The online portal proposal aims to create a platform that connects the private sectors of India and CARICOM countries, aligning with the shared heritage and goals of both regions. Furthermore, Modi’s previous engagements, including his participation in the G20 Summit and bilateral talks with global leaders, highlight the strategic importance of CARICOM in India’s broader geopolitical and economic plans4 .

Objectives of the proposed Online Portal: The online portal aims to bridge the gap between private sectors in India and CARICOM countries, facilitating a platform for businesses, industries, and stakeholders to engage in meaningful collaborations. This initiative is designed to support the growth of small and medium-sized enterprises (SMEs) by offering access to resources, networking opportunities, and funding information, thus empowering businesses in both regions. It is also envisioned to provide SMEs with the tools necessary to engage in international markets, including access to new technologies, training programmes, and market insights. This aligns with India’s broader strategic interests in supporting sustainable economic development within the CARICOM nations while promoting innovation, entrepreneurship, and capacity building. Through this digital platform, the regions can enhance their trade relations and drive technological advancements in areas of mutual interest5 .

Significance of the Initiative: The online portal represents a critical step in India's strategy to enhance its global influence and promote sustainable development through digital connectivity. It is not only an economic initiative but also a means to foster deeper cultural and diplomatic ties between India and CARICOM. By enabling seamless information exchange, the portal is expected to bridge geographical distances and enhance mutual growth opportunities. The empowerment of SMEs in both India and CARICOM nations is at the heart of this initiative, with a focus on enabling these businesses to capitalise on global market trends and technological advancements. Moreover, the portal aligns with India’s broader goals of fostering inclusive growth and providing a platform for the exchange of ideas, expertise, and best practices, which is essential for addressing regional challenges effectively. It represents a forward-thinking approach to economic diplomacy and showcases India’s commitment to its partnerships in the Caribbean region6 .

2. How Will the Online Portal Specifically Benefit SMEs in CARICOM Countries?

The proposed online portal, initiated by Prime Minister Narendra Modi, is envisioned as a transformative tool for connecting small and medium enterprises (SMEs) in CARICOM countries with Indian stakeholders, thereby fostering significant economic growth and technological advancement in the Caribbean region. This platform is designed to serve as a catalyst for innovation, trade, and capacity building, promoting enhanced connectivity and facilitating the exchange of knowledge, resources, and expertise between SMEs in CARICOM and India. One of the core benefits of the portal lies in its ability to enhance connectivity, offering SMEs in CARICOM countries valuable networking opportunities with Indian businesses, which can lead to strategic partnerships and access to new markets. Moreover, the platform aims to support innovation and technology transfer, allowing CARICOM SMEs to leverage India’s advancements in various sectors, thus enhancing their competitiveness and productivity. This technological infusion, most probably, coupled with the financial support mechanisms embedded in the portal, will provide SMEs with the capital needed to scale operations, improve efficiency, and explore new business avenues. In addition, the portal will focus on capacity building by offering training programmes and resources to strengthen the managerial and technical capabilities of SME owners and employees, empowering them to better navigate the global marketplace. Furthermore, the platform encourages collaboration on research and development, fostering joint initiatives that can spur the creation of new products and services, while also advancing the technological capabilities of SMEs in the Caribbean. Through these interconnected functions, the portal serves not only as a digital bridge between CARICOM and India but also as a long-term enabler of sustainable economic development, helping SMEs in CARICOM countries, through several key mechanisms, to thrive in an increasingly competitive global economy as following:

2.1. Enhanced Connectivity and Networking Opportunities

The proposed online portal aims to significantly enhance connectivity between SMEs in CARICOM countries and Indian businesses, acting as a powerful digital platform for networking and collaboration. This portal will facilitate crucial business matching services, enabling SMEs to connect with potential partners, investors, and customers, which could lead to joint ventures, distribution agreements, and collaborations that strengthen their position in the global market.

The enhanced connectivity provided by the platform will empower CARICOM SMEs to expand their market access, fostering cross-border business partnerships and increasing trade and cooperation7 . Additionally, SMEs will gain access to essential market information such as trade regulations, tariffs, and market trends, providing them with the knowledge needed to make informed decisions when entering new markets. This feature serves as a valuable resource hub, helping SMEs navigate the complexities of international trade with greater confidence. The platform's ability to organize virtual events, business forums, and matchmaking services will further encourage collaboration, creating robust business relationships8 . By breaking down geographical barriers traditionally limiting access to new markets, the portal will offer SMEs the opportunity to connect with suppliers, distributors, and customers across the globe, thus facilitating the formation of strategic alliances once constrained by location and infrastructure limitations. Through this enhanced connectivity, SMEs in CARICOM countries will be better positioned to access a broad array of business opportunities, scale operations, and integrate into global supply chains, thereby enhancing their competitiveness9 .

2.2. Innovation and Technology Transfer

This online interactive collaboration platform is proposed to play a pivotal role in fostering innovation and facilitating technology transfer for SMEs in CARICOM countries, offering them access to cutting-edge solutions that can significantly enhance their productivity and operational efficiency. By connecting CARICOM SMEs with Indian technology providers, the portal will facilitate the transfer of advanced technological solutions, particularly in sectors like agriculture, renewable energy, and healthcare, where India has developed robust innovations that can be adapted to the Caribbean context10 . The platform will also provide a virtual space for innovation hubs, where entrepreneurs can exchange ideas, collaborate on projects, and jointly address common challenges, further enhancing the potential for technological advancements11. Through access to these technologies, CARICOM SMEs can drive sectorial transformations, gaining a competitive edge both in local and international markets. The portal will also offer vital resources on digital transformation strategies, essential for SMEs aiming to modernise their operations. These resources will include software tools such as accounting systems and customer relationship management (CRM) platforms, which will enhance the administrative and operational capacities of SMEs12. Furthermore, the portal will enable technology providers in India to offer specific solutions that address operational challenges faced by SMEs, including software tools, digital platforms, automation solutions, and AI-driven technologies, all designed to boost productivity and competitiveness13. These digital tools will not only streamline workflows and improve customer engagement but will also help SMEs align their business models with the global digital economy, thereby enhancing operational efficiency14. Additionally, the portal’s focus on fostering collaboration in research and technology exchange can stimulate product development and the creation of innovative solutions tailored to local market needs, enabling CARICOM SMEs to adopt advanced technologies, reduce operational costs, and compete more effectively on the global stage15 .

2.3. Promotion of Trade and E-commerce Integration

The proposed digital platform will play a pivotal role in enhancing trade relations between CARICOM and India, with a particular focus on the promotion of the 'five Ts'—trade, technology, tourism, talent, and tradition." By providing SMEs with essential tools for engaging in international trade, the platform will offer guidance on trade agreements, export procedures, and tariffs, helping CARICOM businesses navigate complex trade landscapes and facilitating smoother access to global markets16. A key component of the portal proposed to be of its integration of e-commerce, which will allow SMEs in CARICOM to directly sell products to Indian consumers and other international markets. This e-commerce integration represents a transformative opportunity for SMEs looking to scale their operations and broaden their market reach, ‘overcoming traditional barriers such as the need for a physical presence in foreign markets17. The portal will also support logistics and supply chain management by providing information on shipping solutions, thereby enabling SMEs to optimise their operations and enhance their participation in global e-commerce activities18. Moreover, the platform will streamline trade by offering tools for digital transactions, logistics management, and payment processing, simplifying cross-border trade and making international transactions more efficient and secure19 .

The COVID-19 pandemic has highlighted the growing importance of e-commerce, and the portal will be an indispensable resource for sustaining business continuity and growth, enabling CARICOM SMEs to expand their customer base and increase revenue potential through digital sales channels20 .

2.4. Financial Support

Financial support is a critical element of the proposed online portal, which aims to provide substantial backing for SMEs in CARICOM countries. This initiative includes a previously announced one million-dollar grant specifically targeting the SME sector, alongside a centralised resource hub that will disseminate information on various funding opportunities, including grants, loans, and investment options21. The portal will not only offer vital information but also assist SMEs in navigating the application processes for these funding sources, guiding them through the necessary steps to secure financial support22. Access to these resources will be pivotal for SMEs seeking to invest in new markets, expand operations, or adopt cutting-edge technologies. By connecting CARICOM SMEs with funding bodies such as Indian investors, venture capitalists, and government-backed programmes, the portal will provide critical capital necessary to fuel growth and address the challenges posed by a competitive global economy23. In addition to traditional funding sources, the portal may introduce innovative financial instruments, such as innovation vouchers, which will allow SMEs to collaborate with academic and technological experts in India, lowering financial barriers and facilitating the pursuit of growth and innovation24. This financial ecosystem will empower SMEs in CARICOM to scale their operations, invest in technological advancements, and expand into international markets.

2.5. Capacity Building

Fostering capacity building for SMEs in CARICOM is a key function of the digital platform, which will provide crucial training resources and development opportunities for entrepreneurs and their employees. Drawing from India’s iGOT Karmayogi platform, known for its focus on enhancing digital skills and administrative competencies within the civil service, the portal will offer tailored modules in areas such as digital marketing, financial management, export procedures, and e-commerce strategies. These educational materials will empower SMEs to modernise their operations and adopt new technologies, thereby improving their competitiveness in the global market25. Furthermore, the platform will feature success stories and case studies of innovative businesses, which will serve as valuable inspiration for others in the CARICOM region to pursue entrepreneurial ambitions and adopt best practices. Recognition programmes for innovative SMEs will further drive competition and excellence, encouraging businesses to integrate new technologies and enhance their operations26. To complement these resources, regular webinars and workshops, led by industry experts, will be hosted to highlight best practices and real-world applications, fostering a culture of continuous learning and innovation. These initiatives will significantly enhance the entrepreneurial ecosystem within the Caribbean, equipping SMEs with the skills and knowledge needed to thrive in the digital age27 .

2.6. Fostering Cultural and Tourism Ties

The promotion of cultural exchange stands as a distinctive feature of the proposed integrated cooperation framework portal- offering significant opportunities for SMEs to engage in programmes that foster mutual understanding and strengthen business relationships between India and CARICOM countries. By incorporating cricket and cultural elements, the platform aims to create avenues for collaboration that can also stimulate tourism between the two regions. The integration of cultural insights within the portal will assist SMEs in understanding consumer preferences, allowing them to adapt their products and marketing strategies to better suit diverse markets28. Furthermore, the portal will provide promotional opportunities that showcase Caribbean products in Indian markets and vice versa, thus broadening the global visibility of SMEs from both regions. These efforts will contribute to reinforcing bilateral ties and enhancing the overall business environment for CARICOM SMEs. Cultural and tourism connections stand integral to the long-term development of partnerships between India and CARICOM countries; and, with the portal playing a pivotal role in promoting cultural exchange programmes and tourism collaborations; this including initiatives such as joint tourism ventures and collaborative marketing campaigns aimed at promoting key destinations29 , the rich heritage of both regions will burgeon. By leveraging digital platforms, SMEs in the tourism and cultural sectors will gain greater exposure to international markets, attracting tourists and investments that can drive sectorial growth. Ultimately, these cultural and tourism-related collaborations will strengthen bilateral relations and create opportunities for sustained growth in the tourism sector.

2.7. Collaboration on Research and Development

The proposed online integrated cooperation framework is poised to become a critical platform for fostering collaboration between CARICOM SMEs and Indian universities or research institutions, particularly in the realm of research and development (R&D). Through joint initiatives, this collaboration will focus on creating innovative products, services, and technologies tailored to local market needs, blending academic expertise with regional insights to address specific business challenges. Such partnerships will drive the development of market-relevant, cutting-edge solutions that empower SMEs to stay competitive. Additionally, the portal will facilitate internships and mentorships, where university students can collaborate with SMEs, offering fresh perspectives and innovative ideas that enhance business practices and technological adoption. By bridging the gap between academia and industry, the platform will ensure that SMEs remain at the forefront of technological advancements and market trends, contributing to a dynamic business environment30. Moreover, the portal will establish strategic partnerships with local universities in CARICOM countries, providing SMEs with invaluable academic resources, research expertise, and access to innovation-driven environments. These collaborations will bolster entrepreneurship and capacity-building within CARICOM, offering SMEs access to training programmes, cutting-edge research, and technological advancements crucial for global competitiveness31. Ultimately, such academic-business partnerships will create a sustainable model for innovation and entrepreneurship, ensuring long-term support for SME growth in both CARICOM and India.

2.8 Development and adoption of New Technologies for SMEs

Serving as a dynamic digital platform, the initiative will play a pivotal role in facilitating the development and adoption of new technologies for SMEs in both India and CARICOM countries. By offering access to cutting-edge technological resources, training modules, and collaboration opportunities, the portal will enable SMEs to enhance their business operations, innovate, and remain competitive in a rapidly evolving market. Through the platform, SMEs will gain access to the latest digital tools, automation technologies, and insights into market trends, all of which are essential for growth and sustainability. Moreover, the portal will provide essential resources for skill development and technology transfer, ensuring that SMEs are well-equipped to harness emerging technologies for product development, process improvements, and market expansion. This approach will not only empower SMEs digitally but also contribute to broader technological advancements in both regions, aligning with the goals of sustainable growth and global competitiveness32 .

2.9 Regulatory Guidance

Navigating the regulatory landscape is a significant challenge for SMEs engaging in international trade, and the portal will provide essential regulatory guidance to address this. It will offer critical information on the legal and compliance requirements in both India and CARICOM countries, including taxation, trade laws, tariffs, and industry-specific regulations, ensuring SMEs are well-informed and able to operate within the legal frameworks of both regions33. In addition to offering compliance assistance, the portal will provide resources related to international taxation, helping SMEs meet regulatory standards and reducing the risks of non-compliance, thus fostering trust among business partners. Furthermore, the portal will collaborate with government agencies to keep SMEs updated on regulatory changes, assisting them in aligning their operations with international standards, which is crucial for SMEs seeking to expand globally. The inclusion of such regulatory guidance will enhance the portal’s utility for SMEs, supporting their long-term sustainability and success in the global marketplace, as compliance with legal requirements remains one of the key obstacles to growth34 .

Conclusion

Prime Minister Narendra Modi’s proposed online portal stands as a transformative initiative poised to reshape the landscape for SMEs in CARICOM countries, offering a comprehensive suite of resources designed to drive growth, innovation, and sustainability. By enhancing connectivity, facilitating business networking, and promoting trade, technology, tourism, talent, and tradition, the portal directly aligns with Modi’s vision of fostering economic cooperation between India and CARICOM nations35. Through initiatives such as financial support, capacity-building modules, and regulatory guidance, the platform will equip SMEs in the Caribbean with the necessary tools to scale their operations and compete in the global marketplace. By also promoting cultural exchange and joint ventures, the portal will further strengthen the bilateral ties between India and CARICOM countries, opening new avenues for tourism and international trade, and bolstering mutual understanding36. The platform’s capacity-building functions will offer tailored training on essential business skills such as digital marketing, financial management, and export procedures, ensuring that entrepreneurs in both regions are empowered to adopt new technologies and business practices, fostering an environment of continuous learning and innovation37. Moreover, partnerships with local universities in CARICOM countries will provide SMEs access to cutting-edge research, supporting the development of innovative products, services, and technologies that are market-relevant and sustainable38. The portal will also offer essential regulatory guidance, helping SMEs navigate the complex legal frameworks of both India and CARICOM, ensuring compliance with international standards and promoting a more robust business ecosystem39. By addressing these multifaceted needs, the platform will not only enhance the competitiveness of SMEs but also solidify India’s role as a strategic partner in the economic development of the Caribbean region. Through this initiative, the digital platform will serve as a vital catalyst for economic growth, fostering collaboration between the two regions while elevating India’s position as a key player in global economic affairs.

References:

• CNBC TV18. (2024, November 21). PM Modi proposes 7 key pillars to strengthen ties between India and CARICOM. CNBC TV18. Retrieved from https://www.cnbctv18.com/india/politics/pmmodi-proposes-7-key-pillars-to-strengthen-ties-between-india-and-caricom-19512273.htm

• Georgiou, M. (2023, July 6). How SMEs can leverage emerging technologies for business success. Imaginovation. Retrieved from https://imaginovation.net/blog/how-sme-can-leverageemerging-technologies/

• India Today. (2024, November 21). Prime Minister Narendra Modi proposes seven key pillars to strengthen India’s ties with Caribbean nations (CARICOM). India Today. Retrieved from https://www.indiatoday.in/india/story/prime-minister-narendra-modi-seven-key-pillars-strengthenindia-ties-with-caribbean-nations-caricom-2636884-2024-11-21

• India TV News. (2024, November 21). PM Narendra Modi outlines seven key pillars to boost India-Caribbean ties at CARICOM summit in Guyana: Know in details. India TV News. Retrieved from https://www.indiatvnews.com/news/world/pm-narendra-modi-outlines-seven-key-pillars-to-boostindia-caribbean-ties-at-caricom-summit-in-guyana-know-in-details-latest-news-2024-11-21-962637

• Joseph, E. (n.d.). Competing in the digital age: The importance of digital transformation for SMEs. PixelCrayons. Retrieved from https://www.pixelcrayons.com/blog/digitaltransformation/digital-transformation-for-smes/

• Journal of Ecohumanism. (2024). Digital transformation in SMEs: Emerging technological tools and technologies for enhancing SMEs' strategies and outcomes. Journal of Ecohumanism, 3(4). Retrieved from https://ecohumanism.co.uk/joe/ecohumanism/article/view/3594

• Organisation for Economic Co-operation and Development (OECD). (2024). Promoting digital transformation in SMEs: Key drivers and policy approaches. OECD Publishing. Retrieved from https://www.oecd-ilibrary.org/sites/bdb9256aen/1/3/3/index.html?_csp_=42ee43b7fa49ef116a6caf8c78b53d84&itemContentType=book&itemIGO= oecd&itemId=%2Fcontent%2Fpublication%2Fbdb9256a-en

• Press Trust of India. (2024, November 21). PM Modi proposes 7 'key pillars' to boost ties between India, CARICOM. Business Standard. Retrieved from https://www.businessstandard.com/external-affairs-defence-security/news/pm-modi-proposes-7-key-pillars-to-boost-tiesbetween-india-caricom-124112100031_1.html

• The Hindu. (2024, November 21). PM Modi proposes 7 key pillars to strengthen ties between India, CARICOM. The Hindu. Retrieved from https://www.thehindu.com/news/national/pm-modiproposes-7-key-pillars-to-strengthen-ties-between-india-caricom/article68891462.ece

• World Economic Forum. (2023, July 14). Fourth industrial revolution: Smaller and mid-sized businesses are fighting for survival. This is how they could prosper. World Economic Forum. Retrieved from https://www.weforum.org/stories/2023/07/digital-transformation-potential-smes/

Endnotes

1. The Hindu, 2024, November 21

2. Ibid.

3. India Today, Nov. 21, 2024

4. The Hindu, 2024, November 21

5. PTI, Nov. 21, 2024

6. India TV News, Nov. 21, 2024; CNBC TV18, Nov. 21, 2024

7. India TV News, Nov. 21, 2024; PTI, Nov. 21, 2024

8. Joseph, n.d.

9. OECD, 2024

10. India Today, Nov. 21, 2024

11. India TV News, Nov. 21, 2024

12. Ibid.

13. Joseph, n.d.

14. OECD, 2024

15. World Economic Forum, July 14, 2023

16. PTI, Nov. 21, 2024

17. OECD, 2024

18. CNBC TV18, Nov. 21, 2024

19. Joseph, n.d.

20. OECD, 2024

21. India TV News, Nov. 21, 2024

22. PTI, Nov. 21, 2024

23. OECD, 2024

24. Joseph, n.d.

25. India TV News, Nov. 21, 2024

26. PTI, Nov. 21, 2024

27. World Economic Forum, July 14, 2023; OECD, 2024

28. India Today, Nov. 21, 2024

29. OECD, 2024

30. World Economic Forum, July 14, 2023

31. India Today, Nov. 21, 2024

32. The Hindu, 2024, November 21

33. PTI, Nov. 21, 2024

34. OECD, 2024

35. India TV News, Nov. 21, 2024; PTI, Nov. 21, 2024

36. CNBC TV18, Nov. 21, 2024

37. World Economic Forum, July 14, 2023

38. India Today, Nov. 21, 2024

39. OECD, 2024