Union Budget 2024: Govt To Establish Ecommerce Export Hubs In PPP Model To Boost MSMEs

Beyond Borders: Budget 2024 Looks To Uplift MSME Exports, Financing

SUMMARY

These hubs will operate under a seamless regulatory and logistic framework

Finance also announced a credit guarantee scheme for MSMEs in the manufacturing sector

The government will provide MSMEs in the manufacturing sector with a guarantee cover of up to INR 100 Cr

Finance minister Nirmala Sitharaman on July 23 9 (Tuesday) announced plans to establish ecommerce export hubs in a public-private partnership (PPP) model to empower MSMEs and traditional artisans to sell their products in international markets.

These hubs will operate under a seamless regulatory and logistic framework, offering a comprehensive range of trade and export-related services under one roof, significantly enhancing the ease of doing business for small and medium enterprises (SMEs), the FM said while presenting the Union Budget for the financial year 2024-25.

The FM added that the government will facilitate setting up of 100 food quality and safety testing labs with National Accreditation Board for Testing and Calibration Laboratories (NABL).

She also announced a credit guarantee scheme for MSMEs in the manufacturing sector. The government will provide MSMEs in the manufacturing sector with a guarantee cover of up to INR 100 Cr.

It will allow MSMEs to secure loans without providing collateral or a third-party guarantee. Additionally, term loans will be made available to facilitate the purchase of machinery, further supporting the growth and operational efficiency of SMEs.