Govt moves to set-up Global Market Intelligence System (GMIS) for MSMEs
With the objective to enhance the participation of Indian MSMEs in the Global Value Chains (GVCs) by plugging information gaps, Ministry of MSME is setting up a Global Market Intelligence System (GMIS).
The GMIS will act as a „Central Knowledge Repository? of export related data on foreign markets. It aims to provide information on Trade and Market Access and Export potential including information on Tariff and Tenders to help MSMEs seek and realize new market opportunities.
The GMIS, part of recommendation of a Ministerial Task Force (MTF2) which was entrusted with the task to formulate a strategy for export promotion and import reduction.
According to the Order issued by Ministry of MSME on 22nd Sept 2021, a Project Execution Committee (PEC) has been constituted under the Chairmanship of Additional Secretary & Development Commissioner (MSME).
Besides the Joint Secretaries in the Ministry and officials of its adjunct bodies such as NSIC, KVIC & Coir Board, other officials members include from relevant Ministries such as Ministry of External Affairs, DGFT and DGCIS.
The PEC will also include industry representatives from major bodies namely CII, FICCI, FIEO, FISME and EEPC.
Indian MSME Sector which constitutes of 6.3 crore MSMEs and employs more than 11 crore people, is estimated to account for 40% of India?s export. However, a huge untapped export potential exists.
The Ministerial Task Force was entrusted with the task to formulate a strategy for export promotion and import reduction. One of the bottlenecks, which was identified is that MSMEs are mostly unaware about the potential markets for the goods and services produced by them and there is lack of credible market intelligence.
According to the official communique the proposed system „will not create any new database? but will use the data available with DGCIS, DGFT, MEA, ITC Trade map and UNCOMTRADE Data maintained by United Nations and World Bank Data.
To keep the efforts well-funded, resources- seed funding as well as recurring cost, will be released from the IC Scheme which is being implemented with the objective of capacity building of MSMEs to enter export market.