Cross-border payments for MSMEs: Will it empower India's exports?

Posted under: MSME
Date: 2023-11-16
Cross-border payments for MSMEs: Will it empower India's exports?

Facilitating seamless cross-border payments for MSMEs is pivotal in propelling them toward achieving the formidable $2 trillion export target by 2030, a crucial aspect of Prime Minister Narendra Modi's vision for India to become a $5 trillion economy. To integrate into global supply chains, MSMEs can leverage their strategic location and access a broader customer base. However, traditional cross-border payment methods are plagued by challenges, such as hidden charges, banking woes, long processing times, and fraud risks. The recently introduced Foreign Trade Policy 2023 aims to propel Indian exports to $3 trillion by 2030, emphasizing eCommerce. To achieve this, the government is streamlining business procedures and implementing trade facilitation measures. Innovative technologies and forward-thinking can improve cross-border payments, empowering businesses, especially MSMEs, to expand globally, save time, and reduce costs, ensuring economic growth.

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