MSME minister launches India Export Initiative, IndiaXports 2021 Portal to help small business drive export growth
To enhance exports and ensure localisation, it is essential to make India a global manufacturing powerhouse by improving the country's manufacturing base, Union Minister for MSMEs Narayan Rane said.
India aims to drive export growth with the help of micro, small, and medium enterprises (MSMEs) to achieve the target of $400 billion by this fiscal, and the challenging target of $1 trillion in exports by 2027, Union Minister for MSMEs Narayan Rane said.
Speaking at the virtual inauguration of the India Export Initiative and IndiaXports 2021 Portal of India SME Forum in New Delhi Wednesday, the minister said to enhance exports and ensure localisation, it is essential to make the country a global manufacturing powerhouse by improving India’s manufacturing base.
He added this can be achieved by scaling up India’s competitive advantage or augmenting the competitiveness of MSMEs and make India a preferred destination for manufacturing for the world.
"To reduce the trade balance and imports, MSMEs will play an important role, and it can be done through increasing their manufacturing capabilities," he said, adding that adopting a holistic approach will make India a global manufacturing and leading export hub.
"MSME exports are going to play a role of a catalyst in restoring the strength of the Indian economy," he said. With more than 63 million MSMEs spread across India, MSMEs contribute nearly 40 percent of overall India’s exports, about 6.11 percent of the country’s manufacturing GDP, and 24.63 percent of the GDP from the services sector.
MSME Minister while launching the portal and the initiatives today. (Source: Twitter)
IndiaXports aims to orient MSMEs free of cost to focus on the untapped export potential in existing tariff lines and support MSMEs to grow the number of exporting MSMEs, increasing MSME exports by 50 percent in 2022 and contributing to the country's dream of becoming a $5 trillion economy.
This initiative features an info portal, which serves as a knowledge base for exports by Indian MSMEs with the required information related to the export potential for all the 456 tariff lines, along with potential markets, trends in exports, export procedures, and more.
Apart from an export help desk, IndiaXports also provides an instructor-led orientation to MSMEs through a series of sessions for specific sectors, highlighting the opportunities in specific products in international markets.
The initiative targets one lakh+ MSMEs desirous of knowing more about exports and hand-holding 30,000+ MSMEs to start exporting, doubling the base of active exporters.
Edited by Suman Singh