16 Oct 2019, 12:06 — 5 min read
Background: In recent times, the government has come up with various export-oriented schemes in order to boost the SME (small and medium enterprises) sector. This helps the economy to draw foreign exchange and make domestic companies competitive in the global market. Its main focus is to produce goods for international trade and increase exports.
As per the data recorded by RBI, India’s Foreign Capital Inflows were USD 405.64 billion up to the week of 15th March 2019. During the period of 2018-19, India witnessed a steep growth of 8.8% in its export of merchandise and services. India has also taken a leap in the Ease of Doing Business index from the 142nd position, which was four years back to the 77th rank.
Around 40% of India’s export is contributed by SMEs. Indian government strongly feels SMEs have immense scope in making exports of plastic, processed packaged food, fine chemicals, etc. to countries like West Asia, Africa, and Latin America. These regions are emerging economies and can offer a striking customer base. The government has also taken initiatives to set up trade promotional bodies in 15 countries to boost exports from SMEs.
Some of the other popular export promotion schemes that have helped SMEs to grow and make their place in different parts of the world are:
SMEs play a significant role in the Indian economy. With the government’s help and public sector interference, SMEs has the potential to take India to new heights. By providing the right quality of products and satisfying the end customers, it is expected that SMEs may one day overtake China in its volume. It is the right time when India SMEs should reap the advantages of such schemes and earn recognition worldwide.
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Posted byVakilsearch Staff
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