Ease of Doing Business for MSMEs: Industries in the state of Uttar Pradesh are fostering industry and trade alliances with partners in the African, Latin American and European countries in line with the $-trillion economy target set by the state government, according to the Business Standard report.
A delegation of Indian Industries Association (IIA), an apex representative body of micro, small and medium enterprises (MSMEs) recently visited Copenhagen to explore export of Indian goods to Denmark and in turn import advanced technology to the Indian shores, said the report.
For joint ventures for import and export there are 13 business clusters in Denmark that can be looked at, particulary for the MSME sector, as per the report.
“We are not only supporting the Centre for the uplift of established industries, but also new industries to achieve the overarching target of India becoming a $5-trillion economy by 2025,” said the senior Vice-President of IIA, Neeraj Singhal.
The state is also targeting to grow merchandise exports from the current level of about Rs 1.5 trillion to Rs 3 trillion in the next three years, as per the report. This could only happen by initiating exports and penetrating into new areas of manufacturing to capture the global markets, added the report.
UP additional chief secretary, MSME and export promotion, Navneet Sehgal said the state government was providing easy access to working capital to the industry other than a number of incentives and subsidies, reported Business Standard.
As of now, IIA has signed memorandum of understandings (MoUs) with international industry bodies from different countries including Germany, Russia, Nigeria, Tanzania, Brazil, etc. It has also engaged with their public and private sector representations to bolster trade in an array of sectors including manufacturing, clean energy, MSME, agro, auto ancillary, etc.
IIA has around 10,000 MSME members in North India, especially UP. Earlier, the industry association had collaborated with the National Association of Small and Cottage Industries of Bangladesh (NASCIB) and the Federation of Nepal Cottage and Small Industries.