India Development News & Foreign Investment Opportunities

Comprehensive strategy to grant new patents

GVCs for boosting SMEs’ exports


GVCs for boosting SMEs’ exports

Source: Press Information Bureau.
Prabhu says his ministry considering 15 centres in export markets.

The Commerce Ministry is working on a comprehensive strategy to boost the Micro, Small and Medium Enterprise (MSMEs) sector by granting new patents in record time.

New Intellectual Property regime is being launched to strengthen the IPRs of Indian MSMEs as well as protecting IPRs of the other countries, said Commerce and Industry Minister Suresh Prabhu at the 15th Global SME Business Summit 2018.

He also disclosed that the Ministry is examining a proposal to set up trade promotion bodies in 15 countries to promote exports Indian small enterprises.

Speaking at the summit on 19 Dec 2018, the Minister spoke about the changing trade regimes globally and establishment of new trade routes based on availability of labour and skill.

He underlined that Global Value Chains (GVCs) are specifically significant for SMEs as they provide them the opportunity to contribute to exports without bearing the setup costs.

The concept of trade has been changing where larger enterprises increasingly rely on outsourcing the manufacturing activities, he observed.

This practice has proved quite advantageous to the MSMEs where they can participate in the exports through manufacturing of intermediate products, he noted.

He stressed that the Ministry was committed to the growth of the SMEs that are the pivot of the overall economic growth of the country.

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