India's MSME ministry proposes body to boost exports

India’s micro, small and medium enterprises (MSME) ministry has proposed to set up a governing council to ensure efficient delivery of all export-related interventions as part of its plan to boost shipments. It has suggested analysing various trade agreements to identify areas of concern in its strategic action plan, ‘Unlocking the Potential of MSME Exports’.

A study will be conducted on special economic zones and export promotion zones in the country to reassess their role and objectives as these are an essential constituent of foreign trade policy and it is important to harness their potential, according to the action plan.

A portal featuring country-wise list of global products and services in demand and information on how to enter specific foreign markets will be set up. It will have information on loans and credit offered by financial institutions.

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

The governing council will comprise senior officials and members from the MSME ministry, commerce ministry, MSME Export Promotion Councils, export development authorities and commodity boards, according to a news agency report.

The National Resource Centre for MSME Exporters will engage with various global agencies to promote procurement from Indian MSMEs.