Ease of Doing Business for MSMEs: The share of MSME exports in the country’s total exports stood at 42.67 percent as of August 2022 in the current fiscal, nearing the FY22 share of 45.03 per cent, according to the data from the Directorate General of Commercial Intelligence & Statistics shared by the minister of state for MSMEs Bhanu Pratap Singh Verma in a written reply in Rajya Sabha on Monday.
India’s overall exports (merchandise and services combined) for the April-August 2022 period was estimated to be $311.82 billion, up 19.72 per cent over the same period last year, according to a commerce ministry statement.
However, the FY22 exports share of MSMEs was down from 49.35 per cent share in FY21 and 49.77 per cent in FY20 even as India’s total exports jumped to $669.65 billion in FY22 from $497.90 billion in FY21.
“Commodity prices and commodity exports including petroleum, steel and other metals, and food grains have jumped record high recently. In these segments MSMEs are not the key players while non-MSME exporters account for exports of petroleum products, steel, food grains etc., who have probably done exceptionally well and hence the overall share of MSME exports has come down due to this,” Ajay Sahai, Director General & CEO, Federation of Indian Export Organisations had recently told FE Aspire.
Nonetheless, MSME exports had increased by 21.8 per cent from $155.9 billion during FY20 and 31.9 per cent from $143.9 billion during FY21 to $190 billion during FY22, according to the data shared by Verma in July this year.
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Among the top 10 export destinations for Indian MSMEs in FY22 were the US ($54.7 billion), UAE ($13.4 billion), Hong Kong ($9.93 billion), the UK ($7.54 billion), Germany ($7.19 billion), China ($5.16 billion), Belgium ($4.73 billion) France ($4.20 billion), the Netherlands ($4.24 billion), and Italy ($3.84 billion).