In a bold push to supercharge India’s export engine, Union Minister Piyush Goyal rolled out seven innovative interventions on Friday as part of the flagship Export Promotion Mission. Tailored specifically for MSMEs, these measures are set to dismantle barriers and amplify India’s presence in international trade.
The launch comes at a pivotal time, with India’s exports showing robust double-digit growth in early February. Goyal underscored the mission’s role in nurturing new exporters, products, and markets, ensuring that trade winds blow favorably for small businesses nationwide.
‘Global trade gains must trickle down to every MSME and startup,’ Goyal declared, highlighting India’s strategic balancing act in protecting key sectors while capitalizing on strengths. The initiatives streamline bureaucracy, pump up financing options, enforce top-tier quality, and smooth international compliance.
Logistics gets a massive lift too, with expanded warehousing like the Dubai ‘India Mart’ unlocking doors to high-potential regions including the Gulf, Africa, Central Asia, and Europe. This isn’t just infrastructure—it’s a launchpad for exporters.
Backed by a unified digital platform merging ‘Export Incentive’ funding and ‘Export Direction’ guidance, the mission unites multiple stakeholders: Commerce and MSME Ministries, Finance, EXIM Bank, credit guarantee trusts, banks, embassies, and trade associations.
At their core, these steps target deep-rooted issues plaguing MSMEs—prohibitive funding costs, scarce trade credit, tricky global rules, supply chain snags, and entry hurdles into new territories. India’s FTA network, now spanning nine pacts and the US bilateral first phase, opens prioritized access to vast markets representing most of global economic activity.
This comprehensive strategy positions Indian MSMEs not just to survive but thrive globally, fostering job creation, innovation, and a more balanced trade portfolio for the nation.