News this week: The government of India will launch an online platform in November this year in order to provide information about Indian micro, small and medium enterprises (MSMEs) with the central aim of attracting foreign business partners. The National Small Industries Corporation (NSIC), which operates under the MSME Ministry, will be responsible for the development of the website. According to media reports, the new service will be an “extensive portal similar to Alibaba.com.”
The Indian government is expecting this new service to help expose Indian MSMEs to more than 25,000 potential international customers. Apart from listing information about the companies and their products, for an annual fee of US$109, NISC will also offer services such as alerts and updates regarding global tenders.
In India, there are roughly 26 million MSMEs employing close to 60 million people, which are responsible for approximately 45% of the country’s manufacturing activity.
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