India Export Initiative and IndiaXports 2021 Portal

Relevance

• GS 3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

Context

• Recently, Ministry of Micro, Small & Medium Enterprises has inaugurated the India Export Initiative and IndiaXports 2021 Portal of India SME Forum in New Delhi.

Key points

India Export Initiative

• This initiative features an information portal, which serves as a knowledge base for exports by Indian MSMEs, along with the potential markets as well as trends in exports.
• The initiative targets more than 1 lakh MSMEs desirous of knowing more about exports and hand holding 30,000+ MSMEs to start exporting, doubling the base of active exporters.

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IndiaXports

• IndiaXports aims to orient MSMEs free of cost, to focus on the untapped export potential in existing tariff lines and support MSMEs in order to increase MSME exports by 50% in 2022.

Expected benefits

• The above initiatives are aimed at achieving the export target of 400 Billion USD by this fiscal and achieving the challenging target of 1 trillion in exports by 2027.
• The initiatives would augment the competitiveness of MSMEs and make India a preferred destination for manufacturing for the world.
• The initiatives adopt a holistic approach and will help reduce the trade balance.

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MSME contribution to Indian economy

• MSMEs have been contributing nearly 40% of overall India’s exports.
• They are also contributing to approx. 6.11% of the country’s manufacturing GDP & 24.63% of the GDP from services sector.
• Share of MSME Gross Value Added (GVA) in All India Gross Domestic Product at current prices (2011-12) for the year 2018-19 and 2019-20 were 30.5% and 30.0% respectively.

Know more about MSME from here.

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