The Union Minister for Micro, Small and Medium Enterprises (MSMEs), Narayan Tatu Rane virtually inaugurated the India Export Initiative and SME(Small and Medium Enterprises) Forum’s portal IndiaXports 2021 India in New Delhi. It will enhance the exports and ensure localisation. It will work as a global manufacturing powerhouse by improving India’s manufacturing base.
To boost the number of exporting MSME, increase export by 50 percent in 2022 and contribute to achieve the target of becoming a USD 5 trillion economy.
i.The India Export initiative launched in line with the portal has targeted to support over 1 lakh MSMEs looking to know more about exports and provide support to over 30,000 MSMEs to start exporting.
ii.It will provide an instructor-led orientation to MSMEs through a series of sessions for specific sectors, highlighting the opportunities in specific products in international markets.
MSME sector in India
i.India has set the target of achieving export growth with the help of MSMEs around USD 400 Billion by 2021-22 and achieving the challenging target of 1 trillion in exports by 2027.
ii.With more than 63 million MSMEs spread across the geographical expanse of India, MSMEs have been contributing nearly 40% of overall India’s exports.
iii.MSMEs contribute to approximately 6.11 % GDP from the manufacturing sector and 24.63% of the GDP from the services sector.
About IndiaXports Portal
The portal is essentially an information and knowledge platform for exports by Indian MSMEs with the required information related to exports for all the 456 tariff lines along with trends in exports, export procedures etc.
About Ministry of Micro, Small and Medium Enterprises
Minister – Narayan Tatu Rane (Rajya Sabha, Maharashtra)
Minister of State- Bhanu Pratap Singh Verma (Jalaun, Uttar Pradesh)