MSMEs To Access USD 3.7 Trillion Markets During Trade Show
MVIRDC World Trade Center (WTC) is going to organise three-month-long ‘Connect India International Trade Show’ which will be conducted online from August 1 to November 1, World Trade Center Mumbai said on Thursday.
According to Vijay Kalantri, Chairman, MVIRDC World Trade Center (WTC) Mumbai, the micro, small, and medium enterprises (MSMEs) will have access to USD 3.7 trillion markets at the event.
“Indian MSMEs to access USD 3.7 trillion markets across eight focus sectors in 10 participating countries including Germany, China, USA, Vietnam, Philippines, Canada, South Africa and Qatar in this online Trade Show,”Kalantri said.
These 10 countries together account for 27 per cent of the world population, or more than one-quarter of the world consumer market, Kalantri said, who is also the Board Director of the world Trade Center association New York.
The eight key sectors that will be the focus area at the trade show include engineering, pharmaceuticals and healthcare, renewable energy, agro-processing, auto-components, textile and home decor, telecom and technology and Information and Communication Technology (ICT), which cumulatively contribute 50 per cent of India’s total merchandise exports in 2020.
Connect India is an initiative to facilitate at least 500 Indian companies to leverage the global network of 320 WTCs representing more than one million companies across the world. The digital platform will also promote exchange of technology, joint ventures, investment and other forms of collaboration with the participating countries.
Scott Wang, Vice President – Asia Pacific, World Trade Centers Association (WTCA), New York informed, “Connect India 2022 is a collaborative initiative between WTC Mumbai and WTCA’s Market Access Programme. I thank WTC Mumbai for being a host of our Market Access Programme by launching Connect India 2022. WTCA Market Access Programme will have match-making events, one-to-one meetings, seminars, dedicated pavilions and booths for exhibitors to promote products and services of participating companies.”
The BSE SME platform was expected to witness over 60 SMEs to enter the market during 2021-22 to bring up equity funds for meeting their business requirements. The initial public offering (IPO) route witnessed 16 SMEs enter the market; they raised INR 100 crore (USD 13.74 million) in 2020. In June 2021, BSEannounced that it has collaborated with Electronics and Computer Software Export Promotion Council (ESC) to build awareness among small businesses and start-ups about advantages of listing.
MSMEs are being encouraged to market their products on the e-commerce site, especially through Government e-Marketplace (GeM), owned and run by the government, wherefrom Ministries and PSUs (public sector undertakings) source their procurement. As of March 24, 2022, the GeM portal has served 9.63 million orders worth INR 2,19,071 crore (USD 28.70 billion) from four million registered sellers and service providers for 59,259 buyer organisations.
The Government of India has designed various policies for the growth of MSMEs in the country.
As of March 2022, the number of loans sanctioned under the Pradhan Mantri MUDRA Yojana (PMMY) scheme was 48.92 million and the amount disbursed was INR 3,02,948.49 crore (USD 39.90 billion).
In the Union Budget of 2022-23 MSMEs sector was allocated an Emergency Credit Line Guarantee Scheme (ECLGS) of INR 50,000 crore (USD 6.55 billion).
On March 30 this year, the government allocated INR 6,062.45 crore (USD 808 million) for Raising and Accelerating MSME Performance (RAMP) scheme. The programme aims to improve market and credit access, strengthen institutions and governance at the centre and state levels, improve centre-state connections and partnerships, resolve late payment difficulties, and green MSMEs.