In news
Union Minister for MSMEs Shri Narayan Rane virtually inaugurated the India Export Initiative and IndiaXports 2021 Portal of India SME Forum in New Delhi.
Aim & objective
IndiaXports aims to orient MSMEs free of cost, with the objective of focussing on the untapped export potential in existing tariff lines and supporting MSMEs in order to grow the number of exporting MSMEs and increase MSME exports by 50% in 2022 and contributing to the PM’s dream of the US $5 Trillion Economy.
Details
- Localization is essential to make the country a global manufacturing powerhouse by improving India’s manufacturing base.
- 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 reduce imports, MSME will play an import role and it can be done through increasing their manufacturing capabilities.
- MSME exports are going to play a role of a catalyst in restoring the strength of the Indian economy.
- With more than 63 million MSMEs spread across the geographical expanse of India, 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 services sector.
Source: PIB
