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MSMEs ask for Rs 50 billion export boost in Union Budget
Industry News- Jul 05,24
The goal is to increase the number of active exporters and enable at least 300,000 to 400,000 first-time MSMEs to promote Indian products globally.
Ahead of the 2024 Union Budget, micro, small, and medium enterprises (MSMEs) have proposed the establishment of a Rs 50 billion fund dedicated to enhancing India's global competitiveness and expanding its market share in global exports.
The India SME Forum, representing over 98,000 members, has recommended creating this fund to develop export capacity, promotion, and marketing for MSMEs. The goal is to increase the number of active exporters and enable at least 300,000 to 400,000 first-time micro, small, and medium exporters to promote Indian products globally.
The forum suggested setting up an export promotion and development organisation to assist MSMEs with market intelligence, trade opportunities, business-to-business (B2B) outreach, and connections. This organisation would aim to promote Indian products in the global market, similar to the US Commercial Service, Japan External Trade Organisation (JETRO), Korea Trade-Investment Promotion Agency (KOTRA), and the Australian Trade and Investment Commission (AUSTRADE).
Vinod Kumar, President, India SME Forum, emphasised the need for a comprehensive export familiarisation program to support first-time MSMEs in attending and exhibiting at sectoral and B2B exhibitions in potential markets. He highlighted that countries like China, Taiwan, Vietnam, and South Korea provide such opportunities to thousands of small enterprises annually.
(Source: Business Standard)
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