BERN: The government is considering formulating a scheme to fund exporters, especially MSMEs, in registering new products in new markets with an aim to boost the country's outbound shipments, Commerce and Industry Minister Piyush Goyal has said.
He added that the entire cost of such registration will be funded by the government.
"I am thinking of coming out with a scheme that any MSME that needs to spend any amount of money to register their products any where in the world, particularly for new products, new markets, new exporters, the government will fund the whole cost," Goyal said here on June 9 while addressing Indian business delegation.
The minister is here on an official visit to hold meetings with Swiss leaders and companies to boost trade and investments between the two countries.
This scheme is expected to be part of the Export Promotion Mission (EPM), which was announced in the Budget.
It may include 12 components, including easy credit schemes for MSMEs, e-commerce exporters, facilitation of overseas warehousing, and global branding initiatives, to tap emerging export opportunities and strengthen trade tools for small businesses.
The EPM is divided into two broad categories - Providing Trade Finance Support (NIRYAT PROTSAHAN) and Driving International Holistic Market Access (NIRYAT DISHA) Initiative.
The country's total exports of goods and services have increased to USD 825 billion in 2024-25 from USD 778 billion in the previous fiscal. MSMEs account for over 40 per cent of the country's exports.
Further, he urged the Indian industry to focus on exporting value-added goods and run campaigns for brand building and marketing.
"I would urge you to come with an idea for the government to support (exporters) in brand building, in getting registrations around the world.
"We do a lot of rice exports, can we look at how to value add those exports. We need to brand the products, can we run campaigns, can we run joint campaigns to market Indian rice or grown in India rice," he suggested.
To increase the area of exhibition in the country, the minister informed that the second phase of construction at Bharat Madapam has been authorised.
"I have just authorised phase-2 of Bharat Mandapam, we are adding another few lakhs square feet," he said.
Goyal added that a number of Free Trade Agreements (FTAs) have been signed and implemented by India with countries including the UAE and Australia to provide greater market access to Indian exporters.
He informed that active negotiations for FTAs are on with countries, including Oman, New Zealand, and the European Union (EU).
India's FTA with the UAE helps the domestic industry to tap into the Gulf region, Africa and Central Europe. A similar pact was signed with the UK and four European nation bloc EFTA.
"I am sure the EU will come in very soon, so in a short span of a year and a half, we will get an FTA with all the major European countries with whom we wish to do business," Goyal said, adding Brazil wants to restart talks on the India-Mercosur trade pact.
With this South American bloc (Argentina, Brazil, Paraguay and Uruguay), India has a Preferential Trade Agreement. "We already have negotiations with Chile and Peru," he added.
He said that the previous government in India focused on entering into FTAs with developing countries, which did not benefit India much.
"But we are doing with advanced counters," he said.
Source Name : Economic Times