Ahead of the interim Budget 2024, exporters have urged the government to allocate funds worth $3.88 billion for the Market Access Initiative scheme to promote Indian exports and help them hit the ambitious $2 trillion target by 2030.
- The marketing support given under the MAI scheme, with a total allocation of less than Rs 2 billion for the current year, for promoting exports of US$ 2 trillion is grossly inadequate, according to the Federation of Indian Export Organisations (FIEO), the apex body for exporters.
- The funding for each project will be on cost-sharing basis with the sharing pattern ranging from 65% to 50% at the minimum.
- It is administered by the Ministry of Commerce and Industry, Government of India, through the Directorate General of Foreign Trade (DGFT).
About Market Access Initiative Scheme
- The scheme aims to promote India’s exports on a sustained basis and works with a ‘focus product-focus country’ approach through market studies and surveys.
- It is an export promotion scheme envisaged to act as a catalyst to promote India’s exports on a sustained basis.
- Assistance would be provided to Export Promotion Organizations/Trade Promotion Organizations/National Level Institutions/ Research Institutions/Universities/Laboratories, Exporters etc., for the enhancement of exports through accessing new markets or through increasing their share in the existing markets.
- Under the Scheme, the level of assistance for each eligible activities has been fixed.
- The following activities will be eligible for financial assistance under the Scheme:
- Marketing Projects Abroad
- Capacity Building
- Support for Statutory Compliances
- Project Development
- Developing Foreign Trade Facilitation web Portal
- To support Cottage and handicrafts units*8*
Source: Business Standard
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