India To Promote MSME Exports To Reduce The Trade Deficit

The Indian government is showing concern about the increasing trade deficit where there is an urgent need to increase exports to be on the safer side. The July budget is going to focus more on increasing the exports in the MSME segment. To promote exports, the government might focus on creating a new global trade promotion organization (GTPO). Exports play a crucial role in making any country develop. Let us have a look at the upcoming budget plans for the MSME and export growth.

India To Promote MSME Exports For Reduction Of Trade Deficit

India’s trade deficit is becoming a concern. The increasing trade deficit leads to an urgent need to increase exports. Currently, India imports more than exports. Thus, there is a high time to increase the exports. The government can bring initiatives to promote the exports of MSMEs in the July Budget. Three persons related to the matter shared the details. However, they prefer to remain anonymous. According to them, the government will launch a new global trade promotion organization (GTPO). It will specifically focus on increasing the MSME exports. There are already different organizations to promote different trades. However, they do not have a proper establishment in India. They usually work outside the country.

Another question arises why MSME is focused? The major reason is that the MSME segment contributes to almost half of the country’s economy. Also, they are the ones that need government support the most. Thus, promoting MMSE will give all the vendors a chance to open up their business in international boundaries. It will also help them leverage their income. The best part is that it will promote domestic production and help in increasing employment opportunities in the country. So another question arises what will this newly formed organization GTPO do?

The new global trade promotion organization (GTPO) will help small businesses with their basic tasks to be able to export successfully. GTPO will help these businesses with the registration. licensing and certification. It will also help in coordination with India’s consulates abroad. According to the commerce ministry, there is a strong need to build a strong MSME network. The MSME export trade promotion will also help the MSME owners to participate in the international fairs. It will help them network with the new people from their field giving them new learnings that will boost their earnings. Stay tuned for more information on our website.