The CII (Confederation of Indian Industry) has asked domestic businesses including SMEs to tap into the emerging markets rather than focusing on conventional markets such as the US, the UK and other European countries. This has been prompted by the Eurozone debt crisis contagion.
The Indian SME exporters are foraying into South Asian Association for regional co operation (SAARC) countries. The entry into these alternative markets will help Indian exporters increase their share in the world trade.
Japan, Australia, Russia, China and Brazil are the high potential markets for the Indian businesses, including SMEs. The availing of the market focus product and diversification scheme will enable the small exporters to tap into newer markets.