New Delhi, July 23 (KNN) The Finance Ministry and Ministry of MSME are jointly working on an integrated portal to help streamline trade process, said Ateesh Kumar Singh, Joint Secretary, Ministry of MSME.

This portal will promote trade financing and will streamline the process and help in information dissemination and highlighting available trade potentials, he said at an ASSOCHAM event. 

Speaking on the economic growth, he said that both export and internal trade will help India in achieving USD 5 trillion economy.

He highlighted the various government initiatives undertaken such as big ticket reforms and expanding the scope of definition. 

Extension of priority lending status, inclusion of criteria’s like turn over and the expansion to include retail and MSME within the definition and the recent approval for international trade settlement in rupees will help boost international trade, he added. 

The Jt. Secretary emphasised on digitisation and digitalization of trade financing.

“It  is needed for the growth of the sector and by 2025 the market for trade financing will touch USD 200 billion,” he said. 

“As of now, MSME’s are hesitant to fully adopt e-commerce and are looking at a hybrid model. The government is working to fortify and strengthen the trade system to make it more accessible and enhance availability” he added.   (KNN Bureau)