PM Modi calls upon MSMEs to enter global market regardless of product size

New Delhi, June 30 (KNN) Launching the Capacity Building of First-Time MSME Exporters’ (CBFTE) scheme on Thursday in New Delhi Prime Minister Narendra Modi urged the MSME sector to look at the global market irrespective to the size of their product. 

Its objective is to support MSMEs in improving their participation in the global value chain and unlock their export potential.

“This initiative has been taken to ease the export process for first-time exporters. Irrespective of the size of your product, I would want maximum MSMEs to look at the global market. The work done by our missions in various countries abroad would be evaluated based on three Ts — trade, technology, and tourism,” said PM Modi.

He also launched the launched the Rs 6,062.45-crore World Bank assisted central government programme Raising and Accelerating MSME Performance (RAMP) scheme for MSMEs. 

The cabinet chaired by PM Modi had approved the 5 year scheme scheme three months ago.

It will begin in the current financial year 2022-23 even as it was announced back in 2020 by the government and the World Bank to support Covid-hit MSMEs in their business recovery. 

In his address at the ‘Udyami Bharat’ programme today PM said that over Rs 1,400 crore has been released under Rs 50,000 crore Self-Reliant India Fund for MSMEs. 

“18,000 MSMEs have been digitally transferred over Rs 500 crore,” he added. 

Highlighting MSMEs role in country’s development he stressed that if India earns Rs 100, Rs 30 is because of MSMEs. 

“Strengthening the MSME sector benefits everyone,” said PM Modi. 

In the past few years the share of MSME sector in India’s exports has been around 48 per cent.  (KNN Bureau)