The country's exports are one of the major driving forces in growing the GDP (Gross Domestic Product). The same thing is happening with India this year as its exports are contributing majorly to the growth of GDP. As this year private consumption and investment are struggling in contributing a significant part to the GDP, the boost in Exports has been a boon to the economy.
Also, the Government of India is taking many steps in this growing India's export part in the global economy. In this event, only on September 29, 2019, Union Minister for MSMEs Shri Narayan Rane had inaugurated the India Export Initiative and IndiaXports 2021 Portal of India SME Forum.
The idea behind IndiaXports is to enhance the export potential of MSMEs free of cost. By majorly focusing on the dormant export potential in existing tariff lines and supporting MSMEs to help increase exports by 50% in 2022. It is all done to achieve the Government's target of reaching 1 trillion in exports by the fiscal year 2027.
How is India's Economy performing for its Overall Exports in this Fiscal Year?
For the current fiscal year 2021 - 22, the Government is targeting to achieve 400 Billion USD in exports.
Further, with these extraordinary figures, India seems to acquire its target of 400 Billion USD in exports by APRIL 2022. India's 63 million MSMEs from varied manufacturing & trading sectors from Agriculture, Pharmaceuticals, Gems & Jewellery, Engineering, Chemicals are the major contributors. Also, India’s SAAS industry is also playing a vital role in contributing to the growth of India’s GDP.
TranZact is a cloud-based Business Transformation Tool which is supporting SMEs to digitize their business processes with critical insights about the business operations right from customer inquiry to dispatch. Also, it helps them in identifying the existing trend & management of inventory.
With these developments going on, the MSMEs sector can scale up India’s competitive advantage. Furthermore, it will make India a preferred destination for manufacturing for the world. That is the reason why the State is focusing on improving this sector. Because it is seeing the MSME as a tool to reduce the trade balance and match imports. The Union Minister for MSMEs Shri Narayan Rane confirmed this by saying "Adopting a holistic approach will make India a global manufacturing and leading export hub."