New Delhi, Jun 10 (KNN) Commerce and Industry Minister Piyush Goyal announced that the government is exploring the development of a comprehensive funding scheme to support exporters, particularly micro, small, and medium enterprises (MSMEs), in registering new products across international markets.
The initiative aims to enhance India’s export performance by removing financial barriers for businesses seeking to expand their global footprint.
Speaking to an Indian business delegation on June 9, Goyal outlined the proposed framework under which the government would cover the entire cost of product registration for MSMEs venturing into new markets or launching new products.
The minister emphasised that this support would extend to any registration expenses incurred by MSMEs worldwide, particularly targeting emerging exporters and unexplored market opportunities.
The funding scheme is expected to be integrated into the Export Promotion Mission (EPM), which was previously announced in the national budget.
The EPM encompasses twelve distinct components designed to strengthen trade infrastructure for small businesses, including simplified credit mechanisms for MSMEs, support for e-commerce exporters, facilitation of overseas warehousing facilities, and global branding initiatives to capitalise on emerging export opportunities.
The Export Promotion Mission operates through two primary frameworks: Providing Trade Finance Support, known as NIRYAT PROTSAHAN, and the Driving International Holistic Market Access Initiative, designated as NIRYAT DISHA.
These complementary approaches are designed to address both financial and market access challenges faced by Indian exporters.
India’s export performance has shown positive growth, with total exports of goods and services reaching USD 825 billion in the fiscal year 2024-25, representing an increase from USD 778 billion in the previous fiscal period.
MSMEs contribute significantly to this export ecosystem, accounting for more than 40 percent of the country’s total exports.
During his address, Goyal emphasised the importance of value addition and brand development in Indian exports.
He specifically cited rice exports as an example, encouraging the industry to explore value-added processing and joint marketing campaigns to promote Indian rice products in international markets.
The minister called upon industry stakeholders to propose collaborative initiatives for government support in brand building and global product registration.
To strengthen India’s exhibition infrastructure, Goyal announced the authorisation of the second phase of construction at Bharat Mandapam.
This expansion will add several hundred thousand square feet of exhibition space, enhancing the country’s capacity to showcase products and facilitate trade connections.
The minister highlighted India’s recent progress in establishing free trade agreements (FTAs) as a mechanism to expand market access for domestic exporters.
Implemented agreements with the United Arab Emirates and Australia have already begun providing enhanced market opportunities for Indian businesses.
Additionally, India has concluded FTA negotiations with the United Kingdom and the European Free Trade Association (EFTA) bloc comprising four European nations.
Active negotiations are currently underway with several countries, including Oman, New Zealand, and the European Union.
Goyal expressed optimism about concluding an agreement with the EU, suggesting that within approximately eighteen months, India would have comprehensive trade agreements with major European partners.
The UAE agreement particularly serves as a gateway for Indian exporters to access markets in the Gulf region, Africa, and Central Europe.
In South America, Brazil has expressed interest in resuming discussions on the India-Mercosur trade agreement. India maintains a Preferential Trade Agreement with the Mercosur bloc, which includes Argentina, Brazil, Paraguay, and Uruguay.
Concurrent negotiations are also progressing with Chile and Peru to expand trade relationships across the South American continent.
The proposed MSME registration funding scheme represents part of a broader strategy to systematically address barriers to export growth while simultaneously expanding India’s network of international trade agreements to create more accessible markets for domestic businesses.
(KNN Bureau)
