MSME Exhibition subsidy has played an essential role in business development and assisting in marketing strategy for the survival of the MSMEs. Micro, Small, and Medium Enterprises play a significant role in the country’s economic growth due to its contribution to production, exports, and employment. The MSME sector contributes approximately 8 percent to its GDP, 45 percent to the manufactured output, and 40 percent to its exports. MSME sector employs 60 million people through its million enterprises.
The MSME sector has maintained a higher growth rate vis-à-vis the overall industrial sector during the past decade; exports from these enterprises have been tremendously on the rise, despite the increased cost of raw materials, global demand, and stiff international competition. Today, the sector produces various products, starting from simple consumer goods to high precision, sophisticated finished goods. It has turned to be a significant supplier of mass consumption goods and a producer of various essentials and drugs and pharmaceuticals. An impetus to the MSME sector is likely to have a multiplier impact on the economy’s growth. The useful tool was indeed the need of the hour to boost its marketing and export mechanism to reach the global arena. MSME Exhibition Subsidy provides the majority of benefits to MSMEs in terms of economic development by enhancing their marketing techniques at a worldwide level.
MSME Exhibition Subsidy is a scheme operated by the Ministry Of Commerce to provide round the clock assistance to MSMEs in enhancing their export rates and developing and accessing overseas markets. As part of the comprehensive policy scheme for the promotion development of MSMEs announced on 30th August 2000, it was concluded that the Small Industries Development Organization should have a Market Development Assistance (MDA). It should be a planned scheme. Under the MSMEs Exhibition Subsidy Scheme, it is proposed to provide marketing support to Micro, Small & Medium Enterprises through National Small Industries Corporation (NSIC) and enhance their products’ competitiveness and marketability through various activities. Ministry of Micro, Small & Medium Enterprises through National Small Industries Corporation (NSIC), a Public Sector Enterprise of the Ministry, is adamant in providing marketing assistance to Micro & Small Enterprises under MSMEs Exhibition Subsidy. Marketing has popped out to be a strategic tool for business development and is considered critical for micro, small & medium enterprises’ growth and survival. Marketing is an essential component for measuring the success rate of any enterprise. Large enterprises have enough resources and privileges to hire workers to handle the whole marketing sector and its products and services. MSME sector does not have sufficient resources at their command and thus needs institutional support for providing these inputs in marketing and sale. MSME Exhibition Subsidy is indeed the boosting factor for MSMEs and its ulterior motives.
The objectives of the MSMEs Exhibition subsidy include the following:
Under the Scheme of MSMEs Exhibition Subsidy, it is proposed to provide marketing support to Micro, Small & Medium Enterprises through National Small Industries Corporation (NSIC) and enhance the competitiveness and marketability of their products, through these following activities:
The MSME Exhibition Subsidy scheme has been successful to a much extent in achieving its prime objective by promoting micro & small enterprises’ marketing efforts. To further improve the scheme’s implementation, it is desirable to increase the number of events in the effective participation to increase the number of buyer-seller meets with the significant involvement of leading enterprises. The scheme aims to increase the participation of MSMEs in international fairs/exhibitions to improve export orders and market share, organize technology fairs in a sector-specific manner, etc. The scheme has proved to be a catalytic factor for the MSMEs market in the current scenario.
As the name suggests, the MSME Exhibition Subsidy avails all possible opportunities in terms of financial assistance and subsidies to the esteemed entrepreneurs and units interested in their business’s development and growth. Under the MSMEs Exhibition Subsidy, it offers funds for participation in international fairs, study tours abroad, trade delegations, etc. Direct assistance under the scheme for small- scale units is for individual sales/marketing and study tours, participation in fairs/exhibitions, and publicity.