Market Access Initiative (MAI) Scheme

29.01.2024

Market Access Initiative (MAI) Scheme , Daily Current Affairs , RACE IAS : Best IAS Coaching in Lucknow 

Why in the  news?

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.

About Market Access Initiative (MAI) Scheme:

• It is an export promotion scheme envisaged to act as a catalyst to promote India’s exports on a sustained basis.
• The scheme is formulated on a product-focus country approach to evolve specific markets and specific products through market studies and surveys.
• Assistance would be provided to Export Promotion Organizations/Trade Promotion Organizations/National Level Institutions/ Research Institutions/Universities/Laboratories, Exporters etc., for the enhancement of exports through accessing new markets or through increasing their share in the existing markets.
• Under the Scheme, the level of assistance for each eligible activity has been fixed.
• The following activities will be eligible for financial assistance under the Scheme:

○Marketing Projects Abroad

○Capacity Building

○Support for Statutory Compliances

○Studies

○Project Development

○Developing Foreign Trade Facilitation web Portal

○To support Cottage and handicrafts units

Eligible Agencies: Departments of Central Government and Organisation of Central/State Governments including

○Indian Missions abroad

○Export Promotion Councils

○Registered trade promotion Organization

○Commodity Boards

○Apex Trade Bodies recognized under Foreign Trade Policy of Govt of India

○Recognized Industrial & Artisan Clusters

○Individual Exporters (only for statutory compliance etc.)

○National Level Institutions (e.g. Indian Institutes of Technology (IITs), Indian Institutes of Management (IIMs), National Institute of design (NIDs), NIFT etc.)/ Research Institutions/Universities/ Recognized laboratories, etc.

• The funding for each project will be on a cost-sharing basis with the sharing pattern ranging from 65% to 50% at the minimum.
• It is administered by the Ministry of Commerce and Industry, Government of India, through the Directorate General of Foreign Trade (DGFT).              

                                             Source: Business standard