MSME Connection of New Foreign Trade Policy

MSME Connection of New Foreign Trade Policy
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Exports is a major area to work upon. Export Promotion will transform economy and can majorly enhance country’s GDP. Now, to help India meet its export target of $900 billion by 2019-20, 108 micro, small and medium clusters have been identified. This has been done under the new five year Foreign Trade Policy unveiled by the Commerce Minister Nirmala Sitharaman.

For mentoring new and potential exporter, the Niryat Bandhu Scheme (NBS), a scheme for for international business mentoring of young start-up Small and Medium Enterprise (SME) exporters, has been repositioned. Outreach activities will now be organized with the help of Export Promotion Councils as industry partners’ and academia and research community to achieve the objective of Niryat Bandhu Scheme.

Under the newly announced Towns of Export Excellence (TEE) Scheme, selected towns producing goods of Rs. 750 Crore or more may be notified as TEE based on potential for growth in exports. However for TEE in Handloom, Handicraft, Agriculture and Fisheries sector, threshold limit would be Rs.150 Crore. Recognised associations of units in TEEs will be provided financial assistance for export promotion projects for marketing, capacity building and technological services. Common Service Providers in these areas shall also be entitled for duty free import of machines and equipments under EPCG scheme.

.With an aim to help manufacturer exporters in getting fast access to international markets, a scheme for self certification for export status-holder manufacturers to self certify their manufactured goods as originating in India and to qualify for preferential treatment under various forms of bilateral and regional trade agreements has also been initiated.

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