News Category: Business

To attract foreign players in the SME segment, the Indian government will this year launch a portal providing information about small and medium companies, which contribute 45 per cent to the country's manufacturing output. "We will be able to launch a world-class portal by November this year," Micro, Small and Medium Enterprises (MSME) Secretary Uday Kumar Varma told PTI.

By using this portal, Indian SMEs could gain access to about 2.5 lakh potential customers across the globe. The foreign players can gather information like number of enterprises in specific sectors, their location and products manufactured. The portal would be similar to China’s Alibaba.Com

National Small Industries Corporation (NSIC), a mini-ratna enterprise under the MSME Ministry is developing this website. NSIC would charge enterprises an annual fee of Rs 5,000, for its special services like alerts, latest updates and about the global tenders. The initiative is a part of the recommendation by the Prime Minister's Task Force Report on MSME to improve marketing and promote Information and Communication Technology in Indian manufacturing sector. There are 26 million MSMEs which employ almost 60 million people in the country.

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