New foreign trade policy identifies 108 MSME clusters

To help India meet its export target of $900 billion by 2019-20, 108 micro, small and medium enterprise (MSME) clusters have been identified, according to Knowledge and News Network, a media platform for MSMEs. This has been done under the new five-year Foreign Trade Policy unveiled by Union Commerce Minister Nirmala Sitharaman.

For mentoring new and potential exporters, the Niryat Bandhu Scheme (NBS), a scheme for international business mentoring of start-up exporters, has been repositioned. Outreach activities will now be organised with the help of Export Promotion Councils as industry partners and the academic and research community to achieve the objective of NBS.

Under the newly announced Towns of Export Excellence (TEE) Scheme, selected towns producing goods worth Rs 750 crore or more may be notified as TEE, based on their potential for growth in exports. However, for TEE in the handlooms, handicrafts, agriculture and fisheries sector, threshold limit will be Rs 150 crore.

Recognised associations of units in TEEs will be provided financial assistance for export promotion projects for marketing, capacity building and technological services. Common service providers in these areas will also be entitled to duty-free import of machines and equipment under the EPCG scheme.