A weaver uses a handloom to make a silk sari in Varanasi, Gujarat. (Photograph: Dhiraj Singh/Bloomberg)

MSME Ministry Wants A Governing Council To Boost Exports

The Ministry of Micro, Small and Medium Enterprises has proposed establishing a governing council to ensure efficient delivery of all export-related interventions as part of its action plan to boost shipments from small businesses.

The ministry has recommended a detailed analysis of various trade agreements, including free trade agreements, bilateral and multilateral trade agreements, to identify areas of concern for MSMEs in its strategic action plan.

It said a study will be conducted in special economic zones and export promotion zones in the country to reassess their role and objectives. These are an essential constituent of Foreign Trade Policy and it is important to harness their potential, the action plan said.

Moreover, a tech-enabled online portal shall be developed featuring country-wise list of global products and services in demand. Information on how to enter specific foreign markets and details about loans offered by various financial institutions will also be available on on it.

A formal platform may also be created by the ministry to ensure that it is involved in all bilateral and multilateral trade negotiations which have an impact on the enterprises.

The governing council shall be chaired by Secretary, MSME and co-chaired by Development Commissioner in MSME Ministry. It shall comprise senior officials and members from MSME Ministry, Commerce Ministry, MSME Export Promotion Councils, Export Development Authorities, Commodity Boards, the MSME Ministry said.

As part of the action plan, National Resource Centre for MSME Exporters will engage with various international agencies including UN organisations to promote procurement from Indian MSMEs and further enhance their capabilities.

A guide or handbook shall also be developed to help the export community to understand the processes involved in export business, access the potential markets etc. The guide shall consists of practical information which will be useful for exporters.

Also read: India’s Trade Deficit Narrows Slightly In November