NITI Aayog has recently released a report titled “Boosting exports from MSMEs (micro, small and medium enterprises)” to help these enterprises enhance their exports.
Key highlights of the report:
- The report highlights that MSMEs are a crucial sector, providing over 11 crore jobs or 23% of the Indian labour force, making them the second-largest employer after agriculture.
- They contribute approximately 27% to India’s GDP, 38% of the manufacturing output, and 45% of the country’s total exports, with around 6.4 crore MSMEs in India and 1.5 crore registered on the Udyam portal.
Key recommendations of the report:
- Focus on potential sectors like handicrafts, handloom textiles, ayurveda, leather goods, imitation jewellery, and wooden products, which have a global market value of over USD 340 billion.
- It suggests creating an AI-based One Stop Information Channel for exporters, a National Trade Network (NTN) for a comprehensive trade portal experience, and promoting e-commerce exports.
- Ensure accurate measurement of MSME exports by integrating data from DGFT (Directorate General of Foreign Trade), GST (Goods and Services Tax), and income tax.
- Other recommendations are to promote ease of merchandise exports by offering relaxations from compliance requirements, improving access to export finance through Export Credit Guarantee and a single marketplace.
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