Govt to take appropriate steps which may arise due to the Russia-Ukraine war: MSME Minister

New Delhi, Mar 29 (KNN) Even as the ongoing war between Russia and Ukraine is likely to have some impact on India’s trade with the two countries, more precise implications on MSMEs including that of sanctions imposed on Russia can be assessed only after the situation stabilizes, MSME Minister Narayan Rane told Rajya Sabha.

The information on immediate impact on exports of the MSME sector due to the Russia-Ukraine war has not yet been reported, Rane added. 

The minister noted that the government is in the process of taking appropriate steps which may arise due to the war.

According to the data on MSME exports to Russia and Ukraine shared by the Minister, MSMEs had a share of 57 percent amounting to Rs 1,632 crore in India’s total exports to Russia worth Rs 2,854 crore during the April-January period in FY22. 

Likewise, MSMEs’ share in India’s total exports to Ukraine worth Rs 426.78 crore during the period was 59 percent amounting to Rs 255 crore. However, in terms of the MSME sector’s exports to the world, exports to Russia and Ukraine had a share of only 1.17 per cent and 0.18 percent respectively. (KNN Bureau)