Export Promotion Cell for MSMEs
The Ministry of Micro, Small and Medium Enterprises has established an Export Promotion Cell. The cell aims to create to create a sustainable ecosystem for micro, small and medium enterprises (MSMEs).
Exports from the MSME sector
The performance of the MSMEs in the exports is listed below
- The value of MSME-related export products was USD 147,390.08 million in 2017-18.
- The share of MSME-related products in the country’s exports was 48.56 per cent during 2017-18.
The MSMEs still have a huge untapped potential. To cap this potential the Ministry of Micro, Small and Medium Enterprises has set up an Export Promotion Cell.
Benefits of the Promotion Cell
MSMEs are the pillars of the Indian economy. The promotion cell aims to create a sustainable ecosystem for micro, small and medium enterprises (MSMEs). The Promotion cell will aid the MSME sector in the following ways:
- Integration of MSMEs into the global value chain.
- Evaluation of readiness of MSMEs to export their products and services.
- Recognition of areas where improvements are required in order to be able to export effectively and efficiently.
Governing Council to be set up
In order to ensure the efficient delivery of the export-related interventions for the MSMEs, the MSME Ministry has decided to set up a governing council chaired by the secretary of the MSME ministry and co-chaired by the development commissioner, MSME.
The council will also comprise of senior officials and members from ministries of MSME and commerce, MSME Export Promotion Council, Export Development Authority, Commodity Boards, and other bodies.
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Month: Current Affairs - January, 2019