MSME Exports Surge To Record Rs 12.39 Lakh Crore In FY24 (April-November)

(MENAFN- KNN India) New Delhi, Dec 14 (KNN)
India's micro, small, and medium enterprises (MSMEs) are driving a remarkable surge in exports, with the sector recording an export value of Rs 12.39 lakh crore during the eight-month period from April to November in the current fiscal year.

This figure has already surpassed the Rs 8.55 lakh crore worth of exports by MSMEs in the entire FY23. For FY24, MSME export value has risen further to Rs 14.05 lakh crore, according to data shared in Parliament.

The number of MSMEs exporting goods also witnessed significant growth, reaching 1.73 lakh as of November FY24, compared to 1.53 lakh in the whole of FY24 and 1.21 lakh in FY23, according to Shobha Karandlaje, Minister of State in the MSME Ministry.

Meanwhile, India's total exports for the April-October 2024 period stood at $468.27 billion (approximately Rs 39.71 lakh crore), up from $436.48 billion (approximately Rs 37.01 lakh crore) during the same period in 2023, reflecting a growth rate of 7.28%.

Notably, MSME-related products accounted for 45.73% of India's total exports in FY24, recovering after three years of decline.

To boost MSME exports, the government allocated Rs 26.3 crore for promotion activities in FY24, up from Rs 17.2 crore in FY23 and Rs 3.6 crore in FY22.

Additionally, 65 Export Facilitation Centers (EFCs) have been established nationwide to support MSMEs in navigating export processes, documentation, market identification, and access to competitive credit and technology.

“These centers provide mentorship and handholding support to MSMEs to expand their presence in foreign markets,” Karandlaje stated.

The robust performance of MSMEs in exports underscores the sector's resilience and critical contribution to India's trade, while government efforts, including increased funding and facilitation centers, continue to enhance MSMEs' global competitiveness.

With exports of MSME-related products rebounding and gaining a significant share in India's total exports, the sector is poised to play an even greater role in sustaining the country's economic momentum.

(KNN Bureau)

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