The RoDTEP scheme will help to boost exports and competitiveness in the local markets
Hyderabad, Aug.26 (Maxim News): Confederation of Indian Industry (CII) Telangana organized the MSME SUMMIT, with the theme Empowering MSMEs through Exports today.
In his Inaugural Address Dr. Srikar K. Reddy, Joint Secretary, Department of Commerce Ministry of Commerce & Industry, Govt. of India mentioned that MSMEs are the largest employers and contribute immensely to GDP and also socio-economic development of the nation. The MSMSE’s were severely impacted due the COVID. Studies have revealed that more than 90% of the MSMEs in India were functioning during the COVID but they faced challenges of liquidity, manpower, raw materials & logistics. The Government of India provided the support to MSMEs through the Atmanirbhar package.
Highlighting the initiatives of the Govt. of India Dr Reddy mentioned that, the government has set ups an ambitious target of US 400 billion dollars exports for the year 2021-22. 38% of this target has already been achieved by August 2021.
Government is also taking numerous measures to further increase exports to 1 Trillion dollars by 2027-28 and MSMEs will play an important role to achieve this target.
Government is keen to provide more market access to Indian companies, specially MSMEs by facilitating FTA’s. The Govt is fast tracking FTAs with countries like UAE, Israel, The European Union, UK, Australia and Canada.
Updating the status on the FTA’s, Dr Reddy stated that negotiations are on and expected to be completed by March 2022 and hopefully the FTAs will be in force from April 2022.
The government has also recently notified the RoDTEP scheme to boost the exports and competitiveness in the local markets. The interest neutralization scheme will support exporters for pre & post shipment credit.
The One District One Product scheme will create and increase export potential in each district and support local manufacturers to scale up manufacturing.
Mahesh Desai, Chairman, EEPC India and Managing Director, Meera & Ceiko Pumps Pvt Ltd in his special address mentioned that The Government of India’s target is to increase MSME’s present share of 29 percent of GDP to 50 percent in next five years and raise its export contribution from 49 percent to 60 percent. Hence there is a tremendous opportunity in Exports for MSMEs.
Telangana is doing quite well in terms of Exports and especially in service exports. Telangana is strengthening its efforts to increase its exports across categories. Merchandise exports from the State in 2019-20 were valued at $7.4 billion, growing at an annual average growth rate (AAGR) of 8.1 per cent between 2015-16 and 2019-20 period, significantly higher than the national AAGR of 4.7 per cent, he stated.
Earlier delivering his welcome remarks, Sameer Goel, Chairman – CII Telangana & Managing Director, Coromandel International Ltd. Mentioned that the MSMEs play a significant role in the emergence of the Indian economy and therefore the development of this segment is extremely critical to meet the national imperatives of financial inclusion and generation of significant levels of employment across urban, rurban and rural areas across the country.
This conference discussed on Export opportunities for MSMEs, Export Strategies & Financing, Information on Exports Data & Platforms and key nations to export. (Maxim News)