Modi 3.0 100 days: Commerce ministry takes steps to support MSME exporters | News
 "Sunil Barthwal, commerce secretary")
Sunil Barthwal, commerce secretary
The commerce ministry has taken a host of steps during the 100 days of the Modi 3.0 government for MSME exporters who are facing global challenges due to geo-political tensions.
The measures included launching of ‘Trade Connect e-Platform’ to empower SMEs by giving them access to information and guidance on trade, the commerce ministry said on Tuesday.
This platform will connect these enterprises to over six lakh IEC (import-export code) holders, 185 Indian Mission officials and over 600 Export Promotion Council members with the Department of Commerce.
Briefing the media, Commerce Secretary Sunil Barthwal said that in the first 100 days, the ministry held meetings with exporters to understand their problems and find ways to resolve those issues.
“This e-connect portal will provide all sorts of information to an exporter,” he said adding for MSME and other exporters, this portal will become a single point by which they can explore new geographies for shipments.
The secretary said that an e-commerce export hub (ECEH) is being developed to connect SME exporters to the world.
“These hubs will require a regulatory framework. We are starting a pilot project based on EOIs (expressions of interest). After that, it will be launched in major cities which are close to airports,” Barthwal said.
At present, India’s exports through e-commerce medium is about $5 billion, whereas the overall international market is about $800 billion and is estimated to reach $2 trillion.
“We want that at least 10 per cent of the share of that $2 trillion market should be with India and we are expecting that in the next five years, we should be able to reach that $200 billion mark,” he added.
The other measures announced include enhanced insurance cover for MSME exporters and reducing compliance burden through self-certified Electronic Bank Realisation Certificate system.
The cover is expected to provide Rs 20,000 crore of credit at a lower cost making exports competitive and benefitting 10,000 exporters, the ministry said.
It added that small exporters, especially in e-commerce, will benefit from the system’s efficiency in handling high-volume, low-cost transactions, enabling them to claim benefits and refunds more effectively.
The system, it said, lowers the cost burden for eBRC generation (2.5 million annually) previously ranging from Rs 500 to Rs 1,500 per eBRC, benefiting all exporters.
“This system provides cost savings to exporters exceeding Rs 125 crore,” it added.
Further, the ministry has also facilitated cost-efficient access to Gulf Cooperation Council, Africa, CIS (Commonwealth of Independent States) markets for the Indian MSMEs and other exporters; besides strengthening organic regulatory eco-system by revamping the National Programme of Organic Production.
An overall increase in organic exports is targeted to cross $1 billion during 2025-26.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 17 2024 | 11:35 PM IST
