Exporters Seek Amendments In Market Access Initiative  Scheme To Promote Shipments
Shipping containers sit stacked at a freight depot near Nhava Sheva Port in Navi Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Exporters Seek Amendments In Market Access Initiative Scheme To Promote Shipments

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Exporters are seeking amendments in the Market Access Initiative scheme with a view to promote shipments from the country, an official said.

Under the scheme, agencies such as export promotion councils, trade promotion organisations, and commodity boards get financial support from the government for undertaking various market access initiatives such as marketing, organising fairs/exhibition, opening of warehouses, capacity building, branding and statutory compliances in importing markets. The issue was raised by many exporters in a meeting called by the commerce ministry last month.

"They mentioned about the need for amendments in MAI scheme. They want assistance to buyers from both developed and developing countries," the official said.

The scheme plays a key role for promoting exports and addressing interventions required by India for exploring new markets and promoting export-oriented activities for commodities and services. The scheme is valid up to March 31 next year.

Exports during the April-October period of the current financial year dipped 2.21 percent to $185.95 billion. Since 2011-12, India's exports have been hovering at around $300 billion. During 2018-19, foreign shipments grew 9 percent to $331 billion.

The government is targeting to increase exports to $1 trillion in coming years.

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