Market Access Initiative scheme

Context

  • 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.

Key Details

  • 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.

    Market Access Initiative (MAI) scheme
    Source: KNN India
  • 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
    • Studies
    • Project Development
    • Developing Foreign Trade Facilitation web Portal
    • To support Cottage and handicrafts units*8*

Source: Business Standard

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