MSME exports in UP rise by 38%

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Lucknow, Oct 27 | Micro, Small and Medium Enterprises (MSMEs) in Uttar Pradesh have recorded a 38 per cent increase in exports since the government provided them with a platform on e-commerce websites.

Additional chief secretary (MSME) Navneet Sehgal said that the state houses around 15 per cent of the country’s MSMEs and more than 1,000 micro units are on various e-commerce platforms because of which MSME exports from the state have risen by 38 per cent.

“The department is undertaking several measures to connect artisans and micro-enterprises with global e-market places along with cloud service provider networks,” he said.

Abhijit Kamra, director (global trade), Amazon India, said that to increase the overall share of MSMEs, it was required to leverage new channels of exports.

“This is where e-commerce will play a critical role in enabling cross border trade for millions of MSMEs. We launched the Amazon Global Selling program in 2015 to help Indian MSMEs grow and scale through e-commerce exports.

Today, the program has 70,000 plus Indian exporters and have cumulatively crossed USD 3 billion in exports.

Thousands of Indian MSMEs and entrepreneurs have emerged as successful global brands for toys, Ayurveda, apparel, tea, leather, jewellery etc,” he said.

“One of the biggest challenges of traditional channels of exports is the inability of smaller businesses to participate in the process and be a part of the global value chain. E-commerce creates a level playing field for businesses to access foreign markets,” Kamra added.

C.P. Gupta, chairperson, CII Uttar Pradesh State Council said, in a statement, that there is a need for a strong branding and marketing strategy for Indian MSME products, especially made by micro, tribal and rural enterprises.

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Dalal Street found no relief with incessant sell off during the month. Nifty traded on a bearish note and ended at 16025.80 with loss of 99.35 points or 0.62 percent following weak global cues on Wednesday. While Banknifty closed at 34339.50 on the higher side with marginal gain of 49.35 points.

bhaskarlive market closing

The weakness in US stocks is playing out globally with signs of higher inflation, which has spoiled investors’ appetite for the Indian market as well. Rising India VIX to 25.28 has led Indices to big intraday swings on both sides. Sectorally maximum sectors closed on the negative side as Nifty IT and Nifty Media sheds more than 3 percent each. While Nifty Financial Services ended on a positive side gaining 0.68 percent.

In nifty stocks, NTPC, HDFCLIFE, SBILIFE were the top gainers while ASIANPAINT, ADANIPORT and TECHM were the prime laggards. Coming to the OI Data, on the call side highest OI witnessed at 16200 followed by 16300 strike price while on the put side, the highest OI was at 15800 strike price. Technically, Nifty has formed three black crow patterns in the daily chart suggesting bearishness would remain intact. We expect a rise in volatility as well on monthly expiry day.

Riding against the trend may not be beneficial for short term traders. All major moving averages are lying above 16300 levels. Indicators such as MACD and RSI are still struggling to overcome the oversold zone in the daily time frame. Overall, Nifty is having support at 15800 mark while on the upside 16300 may act as an immediate resistance for monthly expiry. While Banknifty has support around 33500 while resistance is placed at 35200 on the daily chart.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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