SMEs to play key role in export growth of chemical industry: Nirmala Sitharaman
Sitharaman stressed the need to have a strategy to enhance export competitiveness of SMEs through capacity building, cheaper credit and better marketing.
Small and medium enterprises are expected to play a vital role in the export growth of chemical industry, Union Commerce Minister Nirmala Sitharaman said on Monday.
Addressing a function, she stressed the need to have a strategy to enhance export competitiveness of SMEs through capacity building, cheaper credit and better marketing.
On the occasion, Sitharaman presented CHEMEXCIL awards to the winners of export performance in various categories during the last four years.
Lauding the export performance of the domestic chemicals and dyes industries, she also stressed on the need to enhance the SME space across entirety of its value chain.
"It is essential to have a strategy to enhance export competitiveness of SMEs through capacity building, cheaper credit, better marketing, robust infrastructure, technology and nurturing innovation and skill development and putting in place conducive environment for their growth," she said.
The minister said the central government has initiated an all out efforts to nurture budding entrepreneurs across sectors.
"Steps such as 3% interest equalisation scheme and enhanced duty drawback rates have been implemented to push the exports. Under Merchandise Exports from India Scheme (MEIS), the government has announced additional incentives of Rs 3,000 crore to several products," the minister said.
The exports of products under CHEMEXCIL, which include basic chemicals, dyes and cosmetics, grew by 13 per cent in volume during April-November 2015 and have shown positive growth in fiscal 2014-15 despite sluggish conditions globally, she said.
CHEMEXCIL, as an export promotion council under the Ministry of Commerce and Industry, is the catalyst in bringing Indian exporters and overseas importers together, thereby helping strengthen business relations between Indian and foreign buyers, Sitharaman said.
Congratulating the winners, CHEMEXCIL chairman B R Gaikwad said, "Government's initiatives like the new foreign trade policy, MEIS benefits to more products and extending 3 per cent interest benefits to exports of MSME sector, etc. will boost exports and help exporting community".