Aimed at providing information on trade events taking place in different parts of the world, the Centre has notified about the creation of a trade connect e-platform to connect Indian exporters, micro, small and medium enterprises (MSMEs) and entrepreneurs with various stakeholders. This includes Indian missions abroad, export promotion councils and various partner government agencies.
The platform is expected to provide international trade-related information and data, along with information on benefits available due to India’s free trade agreements (FTA) with other countries, said Union Minister of State (MoS) for Commerce and Industry Jitin Prasada in Lok Sabha.
In the written reply on 6 August 2024, the MoS also stated various measures taken up by the government to boost Indian exports. It includes the extension of the interest equalisation scheme on pre and post-shipment rupee export credit up to 31 August 2024 along with an additional allocation of Rs 2,500 crore.
Munindra Verma, Chief Executive Officer (CEO) M1NXT said, “This platform will serve as a vital resource. It offers essential information on global trade events and India’s Free Trade Agreements, equipping MSMEs with the insights and resources necessary for international expansion. This initiative will ensure ease of trade, enhance the speed of business, and establish India’s rightful say in the global value chain.”
Pushkar Mukewar, CEO and Founder, Drip Capital stated that by offering a comprehensive hub for trade information and resources, this platform has the potential to greatly enhance India’s presence in global trade. This platform has the potential to simplify the export process, making it more accessible for all exporters, including newcomers. By boosting export volumes and enhancing trade competitiveness, it can drive significant economic growth for the country.
Moreover, users can effortlessly access essential information on regulations, market trends, and sector-specific events, ensuring they stay well-informed and capable of making strategic decisions. “The platform provides crucial information on the benefits of Free Trade Agreements, assisting exporters in broadening their market reach,” Mukewar mentioned.
The Centre has also implemented the remission of duties and taxes on exported products (RoDTEP) since 1 January 2021. The uncovered sectors such as pharmaceuticals, organic and inorganic chemicals and articles of iron and steel have also been put under the purview of RoDTEP since 15 December 2022. Now, such remissions are also available for the exports that take place from the special economic zones (SEZs) units and the advance authorization holders.
To facilitate trade by the exporters, the common digital platform for certification of origin has been introduced, which also leads to an increase in free trade agreement utilisation by the exporters, the MoS noted.
By identifying the export potential of each district, the Centre has introduced the ‘Districts as an Export Hub’ initiative. This is aimed at supporting the local exporters by addressing the hurdles, which results in employment generation in the district, as per the reply of MoS.