An Introduction to Export Promotion Cell for MSME Sector
For many years, the MSME segment in India has witnessed sustained high growth rates. However, they lacked global competitiveness and were rarely visible in foreign markets. To overcome this weakness, the Central Government has decided to set up an Export Promotion Cell. The cell will follow orders and directives from the MSME Ministry.
The government has targeted the transformation of the Indian economy towards the $5 trillion mark by 2024. To accomplish such an ambitious figure, the MSME sector has to progress further. With this in mind, more financing options in the form of MSME loans are currently being planned and partially rolled out as well. Ultimately, the EPC will take over the credits and advances considerations.
The EPC is authorised to hold seminars, help more small organisations participate in global fairs, train them to become globally competitive. Packaging and ensuring an unbroken supply chain is essential for exporting any product. These aspects will come under the ambit of the Cell.
Finally, the EPC will reward those organisations which yield the best results. Currently, the MSME segment contributes more than 48% to the total export volume of the country. With the new regulations of the Cell, the MSME segment is expected to drive the export volumes even higher.
September 2nd, 2019