Trade, imports, exports for MSMEs: Digital payments company PayPal and the Indian Institute of Foreign Trade (IIFT) on Wednesday signed an MoU to launch the India Digital Trade Facilitation Forum (IDTFF). The forum would help micro, small & medium enterprises (MSMEs) leverage cross-border trade opportunities with necessary expert support and guidance. It would facilitate education, training, and guidance to MSME exporters around marketing, scaling, and digitising their businesses along with enhancing exports. IDTFF will particularly look at challenges around exports faced by small exporters and share ideas for possible solutions. The partnership will also host virtual webinars with industry experts, traders, and policymakers on existing challenges and policy discussions.
“It is an opportune time for MSMEs to leverage cross-border e-commerce to grow exports supported by an enabling export policy framework,” said Nath Parameshwaran, Senior Director, Corporate Affairs, PayPal India at the event. “The MSME community will play a key role in realising PM Modi mission of $400 billion exports target by this year and his long-term vision of $5-trillion economy,” he added.
“One of the most critical issues impacting the activities of small exporters, who are also at the forefront of India’s exports, relates to the uncertainty of payments from international transactions. And that’s where PayPal has been playing a pivotal role in facilitating online payments, and instilling confidence among India’s exporters to engage in digital trade – which, undoubtedly has become the need of the hour,” said Professor Manoj Pant, Vice-Chancellor, IIFT.
The launch comes days after the Commerce Ministry had approved a capital infusion of Rs 4,400 crore into the state-owned ECGC (earlier known as Export Credit Guarantee Corporation of India) over the FY22 to FY26 period among measures to boost exports. The export promotion organization ECGC provides credit insurance covers against non-payment risks by the overseas buyers due to commercial and political reasons.
In September 2021, MSME Minister Narayan Rane had also launched MSME body India SME Forum’s portal IndiaXports to further enable exports by small businesses globally. The portal offers information and knowledge on exports for MSMEs around all 456 tariff lines as well as trends in exports, export procedures, etc. MSMEs share in India’s exports has been 48 per cent. Former MSME Minister Nitin Gadkari, during multiple events last year, had aimed for enhancing it to $60 per cent in the following two years
Source:financialexpress.com