NITI Aayog released Boosting Exports from MSMEs (Micro, Small & Medium Enterprises) Report | Current Affairs | Vision IAS
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    NITI Aayog released Boosting Exports from MSMEs (Micro, Small & Medium Enterprises) Report

    Posted 14 Mar 2024

    Updated 15 May 2024

    2 min read

    • Opportunities for MSMEs export highlighted by report
      • Wood products and handloom textiles have huge potential because of its unique aesthetics and cultural appeal.
      • Growing demand for natural and sustainable products in other countries.

     

    • Challenges in boosting export from MSMEs
      • Limited access to finance: Current supply of credit via commercial banks fulfills only 16% of credit demand of MSMEs, Lack of access to working capital finance etc.
      • Limited Market Access: Limited exposure to global exports market, constraints related to international quality standards, etc. 
      • Business environment-related challenges: Numerous regulatory compliances, delays in customs clearance, Shortage of credible and internationally accredited testing labs etc.
      • Taxing merchandise export procedure: High volume of paperwork, requirement of approval from multiple authorities, etc. 

     

    • Recommendations from report
      • Creating one-stop information channel for exporters to serve as knowledge base for export procedures, and product-specific regulations.
      • Creation of National Trade Network Portal to improve efficiency of export process and reduce costs. 
      • Promoting e-commerce exports and ease of merchandise exports by supporting first-time exporters.
      • Better measurement of exports originating from MSMEs for identifying areas of improvement and evaluations of policy interventions.

     

    • Tags :
    • MSMEs
    • NITI Aayog
    • Export Potential of MSMEs
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