India has various sectors which contribute to our GDP and MSME is one of the major sectors which contributes 27% of the overall GDP. Ministry of Micro, Small, and Medium Enterprises is promoting MSMEs across India, and near about 7.9 million MSMEs are spread across India.
India exported USD 335.44 billion in 2021-22, from which the MSME sector contributed 49.4% of overall exports. India is targeting 400 billion USD export in the fiscal year 2022-23 where MSME will play an important role and also the government is focusing on increasing the manufacturing capabilities which will help to increase the export potential.
Ministry of Micro, Small, and Medium Enterprises launched India Export Initiative and India exports 2021 Portal to promote the export from micro, small and medium enterprises to make MSME a powerhouse of the manufacturing base and reduce trade balance and imports from other countries. With these initiatives, 30,000 MSMEs started to export their products into the globa; market and the government is targeting to reach the goal of 1 Lakh MSMEs.
Source: – IBEF
Government of India and the Ministry of MSME launched 52 Export Facilitation Centres (EFC) across the country, with an aim to provide requisite mentoring and handholding support to MSMEs in exporting their products and services to the global market and 102 Enterprise Development Centers (EDC) have been set up with an aim to build a network of entrepreneurial leaders across the country by providing consulting, professional mentoring, and training to existing as well as aspiring MSMEs with special focus on rural enterprises on a continuous basis.
MSMEs have an important role to play in achieving a 5 trillion USD economy in the upcoming future. India is targeting 1 trillion USD export by 2030, to reach that goal India needs to be a manufacturing hub. The number of MSMEs in India has increased at CAGR 18.5% f into 2020 over 2019. And the Export value is 143.9 billion USD in 2021 and 190 billion USD in 2022, this will continue to increase and achieve the target that India is looking for.
