Union Minister for MSMEs Shri Narayan Rane virtually inaugurated the India Export Initiative and IndiaXports 2021 Portal of India SME Forum in New Delhi today.
New Delhi: Union Minister for MSMEs Narayan Rane virtually inaugurated the India Export Initiative and IndiaXports 2021 Portal of India SME Forum in New Delhi today. He was accompanied by MoS Shri Bhanu Pratap Singh Verma and senior officers of the Ministry.
Speaking on the occasion, Shri Rane expressed confidence of India driving the export growth with the help of MSMEs and achieving the target of 400 Billion USD by this fiscal and achieving the challenging target of 1 trillion in exports by 2027.
He said, to enhance exports and ensure localization it is essential to make the country a global manufacturing powerhouse by improving India’s manufacturing base. This can be achieved by scaling up India’s competitive advantage or augmenting the competitiveness of MSMEs and make India a preferred destination for manufacturing for the world.
The Minister said, to reduce the trade balance and reduce imports, MSME will play an import role and it can be done through increasing their manufacturing capabilities. He added that adopting a holistic approach will make India a global manufacturing and leading export hub.
MoS Shri Bhanu Pratap Singh Verma recalled the time when India had a major share in global trade because of country’s powerful trade and exports.
He said, MSME exports are going to play a role of a catalyst in restoring the strength of the Indian economy.With more than 63 million MSMEs spread across the geographical expanse of India, MSMEs have been contributing nearly 40% of overall India’s exports, contributing to approx. 6.11% of the country’s manufacturing GDP & 24.63% of the GDP from services sector.
