New Delhi, Dec 28 (KNN) Over 8 per cent of GDP, 45 per cent of manufacturing output and 40 per cent of exports flowing out from the country are generated by the Micro, Small and medium Enterprises, Minister of State for Commerce and Industry C.R. Chaudhary informed Rajya Sabha.

Listing initiatives taken by the government to handhold the MSMEs towards exports, the Minister said that various schemes under the FTP have been introduced to spur growth among MSMEs.

Interest Equalization scheme under which all MSMEs exporters across ITC (HC) codes get a grant of 3 per cent subvention for pre and post shipment Rupee Export Credit, is one such scheme, the Minister informed.

The Merchandise Exports from India Scheme (MEIS) under the FTP incentivizes exports of all notified products manufactured/ produced in India including those manufactured/produced by MSMEs by granting duty credit scrips at the rate of 2, 3, 4, 5, and 7 per cent of the FOB value of exported goods, the Minister added.

Different privileges like faster clearance by custom, exemption from furnishing Bank Guarantee, provisions of free exports are granted to some exporters on account of fair records.

Further, DGFT and associated bodies are organizing workshops and seminars for promotion of international trade under Niryat Bandhu Scheme.

Creation of Logistics Division in the Department of Commerce for coordinate integrated development by introducing technologies and altering existing procedures has been set-up to facilitate country’s exports, the Minister informed. (With PIB Inputs) (KNN/MG)