InCENT Lab Grown Diamond (LGD) Project
The InCENT Lab Grown Diamond (LGD) Project focuses on promoting local production of Lab-Grown Diamond (LGD) seeds and machines. This effort significantly reduces India’s reliance on imports. As part of the ‘Make in India’ initiative, it plays an important role in boosting domestic LGD manufacturing, creating local jobs, and increasing India’s export potential.
Bharat Mart in Dubai
Bharat Mart is an exciting trade hub located in the Jebel Ali Free Zone, Dubai. It provides a wholesale and retail marketplace for Indian exporters. This hub connects India’s expanding manufacturing sector with global markets. It also supports government initiatives like ‘Make in India’ and encourages the growth of MSMEs.
Bharat Mart will include 1,400 units, such as showrooms, warehouses, and office spaces. It will offer excellent connectivity with Jebel Ali Port, Al Maktoum International Airport, and Etihad Rail. Key focus areas include machinery, electronics, auto components, medical equipment, furniture, apparel, processed food, pharmaceuticals, cosmetics, rubber products, and handicrafts. Commercial operations are expected to start in the first quarter of 2026.
Pradhan Mantri Cha Shramik Protsahan Yojana (PMCSPY)
Through the PMCSPY initiative, over 1 million families of workers in 1210 tea gardens across Assam and West Bengal will gain access to improved education, health services, and working conditions.
Strengthening Organic Regulatory Ecosystem
The revamped National Programme of Organic Production (NPOP) will benefit 2 million farmers from 5,000 certified grower groups by enhancing export opportunities. The initiative aims to increase organic exports beyond USD 1 billion by 2025-26.
Enhanced Insurance Cover for MSME Exporters
The ECGC has expanded its Whole Turnover Export Credit Insurance for Banks (WT-ECIB) scheme to increase export working capital limits to ₹80 crore, effective July 1, 2024. This scheme enables banks to offer affordable export credit. ECGC aims to benefit around 1,000 new exporters and assist 8,000 existing exporters by facilitating better access to financing.
Starting May 1, 2024, ECGC will provide up to 100% insurance cover for exporters who purchase policies directly from the company, reducing collateral requirements for MSME export credit.
E-Commerce Export Hubs
In the 2024-25 Union Budget, the government proposed establishing E-Commerce Export Hubs (ECEHs) to empower MSMEs and artisans to reach international markets. These hubs will operate under a seamless framework, offering warehousing, packaging, certification, and logistics services.
The pilot launch, approved in partnership with various government departments, includes five ECEH pilots in the NCR region, Bengaluru, and Mumbai.
Launch of Aabhar Collection
On July 11, 2024, GeM launched the AABHAR COLLECTION under the #VocalForLocal initiative to showcase curated products like One District One Product (ODOP) items, Geographical Indication (GI) goods, and gift hampers from select organizations. The collection features five categories:
- Handloom products
- Handicraft products
- Artisanal food items
- Personal care products
- Sustainable products
Digital Transformation
The department has implemented significant digital transformations to streamline trade facilitation. These initiatives aim to improve business efficiency, reduce delays, and enhance transparency in trade processes.
The Trade Connect e-Platform, launched on September 11, 2024, serves as a single-window system for Indian exporters, particularly MSMEs. Developed with partners like the Ministry of MSME and EXIM Bank, the platform provides real-time trade information and connects exporters with government bodies.
The JanSunwai Facility, launched on September 13, 2024, allows for on-demand video conferencing with trade officers, improving communication and enhancing transparency in processes.
Reducing Compliance Burden
The Self-Certified Electronic Bank Realisation Certificate (e-BRC) system eliminates costs for 2.5 million e-BRCs annually, promoting a paperless process. This efficiency particularly benefits small exporters dealing in e-commerce by streamlining high-volume, low-cost transactions.
24×7 Auto-Generation of e-IEC
The department now offers 24×7 auto-generation of the Import Export Code (IEC), allowing users to obtain their codes without delays. The system validates IEC details against various databases, enhancing efficiency.
Trade Facilitation Mobile App
The Trade Facilitation Mobile App provides real-time updates on foreign trade policies, import/export statistics, application statuses, and virtual assistance. This app is a vital resource for anyone involved in trade and export activities.
References & Related Articles:
- Press Information Bureau – 2024 Year End Review for Department of Commerce
- The Hindu – India surpasses 73,000 startups with women directors: Commerce Ministry
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