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What is the News?
The Union Minister for Micro, Small & Medium Enterprises(MSMEs) has inaugurated the India Export Initiative and IndiaXports 2021 Portal of India SME Forum.
What is the India Export Initiative?
The initiative aims to support the growth of MSMEs exports by providing free of cost information and knowledge to MSMEs on the untapped export potential in existing tariff lines.
The initiative features an Info Portal which serves as a knowledge base for exports by Indian MSMEs. The portal has information related to the export potential for all the 456 tariff lines along with the potential markets as well as trends in exports, export procedures and lots more.
Apart from an export help desk, Instructor-led orientation will also be provided to MSMEs through a series of sessions for specific sectors, highlighting the opportunities in specific products in international markets.
What is the importance of MSMEs in Exports?
MSMEs have been contributing nearly 40% of overall India’s exports contributing to approx. 6.11% of the country’s manufacturing GDP & 24.63% of the GDP from the services sector.
Government has a target to increase MSME exports by 50% in 2022.
Moreover, the growth in MSME exports will also help the government achieve the target of 400 Billion USD by this fiscal and 1 trillion in exports by 2027.
Source: This post is based on the article “MSME Minister launches India Export Initiative and IndiaXports 2021 Portal” published in PIB on 29th Sep 2021.