Context:
Ahead of the interim Budget 2024, exporters have urged the government to allocate funds worth $3.88 billion for the Market Access Initiative (MAI) scheme.
Relevance:
GS III: Indian Economy
Dimensions of the Article:
- Market Access Initiative (MAI) Scheme
Market Access Initiative (MAI) Scheme:
Export Promotion Catalyst:
- MAI Scheme designed as an export promotion initiative aimed at consistently boosting India’s exports.
Focus on Specific Products and Markets:
- Adopts a focus product-focus country approach, strategically targeting specific markets and products identified through market studies and surveys.
Target Beneficiaries:
- Export Promotion Organizations, Trade Promotion Organizations, National Level Institutions, Research Institutions, Universities, Laboratories, and Exporters eligible for assistance.
Scope of Assistance:
- Assistance extended for activities like Marketing Projects Abroad, Capacity Building, Support for Statutory Compliances, Studies, Project Development, Developing Foreign Trade Facilitation Web Portal, and supporting Cottage and Handicrafts units.
Eligible Agencies:
- Departments of Central Government, Central/State Government Organizations, Indian Missions abroad, Export Promotion Councils, Trade Promotion Organizations, Commodity Boards, Recognized Apex Trade Bodies, Industrial & Artisan Clusters, and Individual Exporters for specific purposes.
Financial Assistance Structure:
- Fixed level of assistance for each eligible activity under the scheme.
- Funding on a cost-sharing basis, with a sharing pattern ranging from 65% to 50% at the minimum.
Activities Covered:
- Marketing Projects Abroad to enhance market presence.
- Capacity Building initiatives for stakeholders.
- Support for Statutory Compliances.
- Conducting Studies for informed decision-making.
- Project Development for export-oriented projects.
- Developing Foreign Trade Facilitation Web Portal for streamlined processes.
- Support for Cottage and Handicrafts units to boost their exports.
Administrative Authority:
- Administered by the Ministry of Commerce and Industry, Government of India, through the Directorate General of Foreign Trade (DGFT).
-Source: Business Standards
