Governing council to boost shipments
Why in news?
- The Ministry of Micro, Small and Medium Enterprises (MSMEs) has proposed to establish a governing council to ensure efficient delivery of all export-related interventions, as a part of its action plan to boost shipments from micro, small and medium enterprises.
- Under MSMEs’ action plan, the National Resource Centre for MSME Exporters will engage with various international agencies including UN organisations to promote procurement from Indian MSMEs and further enhance their capabilities.
- The ministry has recommended a detailed analysis of various trade agreements, including FTAs and bilateral and multilateral trade agreements, to identify areas of concern for MSMEs in the strategic action plan titled ‘Unlocking the Potential of MSME Exports’.
- It said a study will be conducted of 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.
- Further, a tech-enabled online portal shall be developed featuring country-wise list of global products and services in demand and information on how to enter specific foreign markets. It will also have details on loans and credit offered by various 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 which have an impact on the enterprises.
- A guide or handbook shall also be developed to help the export community to understand the processes involved in the export business and access the potential markets.
- The guide will comprise practical information which will be useful for exporters.
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