Export growth for 2024 will be led by PLI and Make In India schemes: GTRI - Exportify Pulse Edition - April 1, 2024
Export growth for 2024 will be led by PLI and Make In India schemes: GTRI
Amidst the complexities of global trade dynamics, India finds itself on a trajectory with notable advancements in export sectors previously considered weak.
The implementation of initiatives such as Production-Linked Incentives (PLI) and the Make in India campaign has fueled remarkable growth, particularly in electronics.
Noteworthy is the surge in smartphone exports, projected to escalate by 30 per cent over the previous year, potentially crossing the USD 15 billion mark in FY2024.
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Micro enterprises' share in total exports rises, drops for SMEs
New Delhi: Micro enterprises saw an increase in their share in exports from India in January to 6.63% from 5.79% in 2020-21, whereas the share of small and medium enterprises fell to 10% from 11.64% and to 11.22% from 12.96% respectively, said a report by the Directorate General of Commercial Intelligence and Statistics.
Manufacturing and services units with investment of up to ?1 crore and annual turnover of up to ?5 crore are classified as micro enterprises, while small enterprises are those with investment of up to ?10 crore and turnover of ? 50 crore, and medium enterprises are those with investment of up to ?50 crore in plant and machinery and equipment and turnover of ?250 crore. As per the data, the top five micro, small and medium (MSME) export sectors were engineering goods (19.64%), gems and jewellery (12.3%), readymade garments (8.52%), rice (6.22%) and organic and inorganic chemicals (5.7%).
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Exporters seek exemption from 45-day payment rule for supplies from MSEs
Indian exporters have urged the government to exempt them from the 45-day payment rule for goods bought from micro and small enterprises (MSEs) as it will impact their businesses. In a letter to Prime Minister Narendra Modi, chiefs of major export promotion councils and federation of Indian export organisations have appealed to waive the export companies from section 43B(h) of the Income Tax law.
The new rule, Section 43B(h) of the Income Tax Act, introduced in the Finance Act 2023, is designed to make sure small businesses get paid on time. It allows companies to get tax breaks if they pay their small business suppliers within the time limits set by the MSMED (Micro, Small and Medium Enterprises Development) Act, 2006.
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Alcoholic beverages, jam among 12 items to get export push
New Delhi: India is looking to increase the export of agricultural value added products by forging partnerships with retail chains and supermarkets of countries like the United Arab Emirates. The commerce department has identified 12 value added food items, including jams, jellies and marmalades, alcoholic beverages, fruit pulp products, dehydrated vegetables and ready to eat products for the purpose.
"We plan to concentrate on a few products and push their exports. These are some value-added goods which we are sure would give results," said an official, who did not wish to be identified. Biscuits, confectionery, mango pulp and value-added products of mangoes, and preserved gherkins and cucumbers are also part of the list.
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