World News | Govt Willing to Bear “entire Cost of Certification” for Micro, Small Enterprises: Piyush Goyal
Get latest articles and stories on World at LatestLY. Union Commerce and Industry Minister Piyush Goyal on Friday said the government is willing to bear the “entire cost” of export-related certifications for micro and small enterprises under the Export Promotion Mission, urging existing and new exporters across sectors to approach the Directorate General of Foreign Trade (DGFT) to avail themselves of the support and expand their presence in global markets.
Berlin [Germany], October 23 (ANI): Union Commerce and Industry Minister Piyush Goyal on Friday said the government is willing to bear the “entire cost” of export-related certifications for micro and small enterprises under the Export Promotion Mission, urging existing and new exporters across sectors to approach the Directorate General of Foreign Trade (DGFT) to avail themselves of the support and expand their presence in global markets.
Addressing a press conference in Berlin, Goyal said the government is committed to supporting businesses seeking to enter international markets, particularly smaller enterprises facing high certification and compliance costs.
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“Under the Export Promotion Mission, we are willing to support everybody who wants to export anywhere in the world,” he said.
“Micro and small businesses—we are willing to literally take care of the entire cost of certification and others also, if there is some very expensive certification or process, we are happy to support them through the Export Promotion Mission.”
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Goyal said the government was also exploring the approval of verification agencies in India to reduce compliance costs associated with international regulations, including the Carbon Border Adjustment Mechanism (CBAM) and deforestation-related requirements.
He further added that the government is exploring the approval of verification agencies in India and would cover almost the entire cost of compliance with regulations such as the Carbon Border Adjustment Mechanism (CBAM) and deforestation-related requirements for micro and small enterprises, while extending financial support to other exporters on a graded basis.
“I urge both existing and new exporters for whatever product in whichever area and whatever certification they require. Please approach DGFT, and under the Export Promotion Mission, we will take care of the entire cost.”
Highlighting India-Germany economic relations, Goyal said around 2,000 companies continue to operate in Germany, with some having a presence for nearly a century and others maintaining business relationships dating back to before India's independence.
“I feel there are immense possibilities for the future. Especially when it comes to MSMEs, connecting them with your metal standards, and expanding that relationship.”
The minister also highlighted India's growing export potential across sectors, noting that the country's high-tech exports were rising and exports of agricultural and fisheries products had reached approximately Rs 5 lakh crore.
He said India currently exports around 10 lakh vehicles, primarily to Japan and markets in Latin America and Africa, and suggested that exports could potentially increase to 50 lakh vehicles.
“You'll see Indian-made cars hitting the European market very soon, I believe,” he said. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)