In the Interim Budget 2024, the exporters have urged the government to allocate funds worth $3.88 billion for the Market Access Initiative ( MAI ) scheme to promote Indian exports and help them hit the ambitious $2 trillion target by 2030. The Federation of Indian Export Organisations ( FIEO ) said that marketing support given under the MAI scheme, with a total allocation of less than Rs 2 billion for the current year, for promoting exports of US$ 2 trillion is grossly inadequate.
The scheme aims to promote India’s exports on a sustained basis and works with a ‘focus product-focused country’ approach through market studies and surveys. A focus on marketing, with government support, is expected to benefit especially small exporters as it would ultimately impact the economy.
The organisation expects a planned scheme to address the infrastructure gaps through central-state funding can be the game changer and will help in exponential growth in exports from the districts, thus pushing states’ exports and thereby of the country.
The Apparel Export Promotion Council ( AEPC ) has urged the government to increase the rates to 5 per cent for all exporters under the Interest Equalization Scheme. This will increase the apparel industry’s competitiveness in the international market and enable it to avail necessary working capital.
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