New Delhi: Union MSME Minister Narayan Rane today said the micro, small and medium enterprises (MSMEs) would help achieve the exports target of $400 billion for this fiscal and further take it to $1 trillion by 2027.

He also said to enhance exports and ensure localization, it is essential to make the country a global manufacturing powerhouse.

"This can be achieved by scaling up India's competitive advantage or augmenting the competitiveness of MSMEs and make India a - preferred destination for manufacturing for the world," he said.

The minister was speaking after inaugurating the India Export Initiative and the IndiaXports 2021 portal of the India SME Forum here.

He added that to reduce the trade balance and imports, MSMEs will play an important role and it can be done by increasing their manufacturing capabilities.

Minister of State for MSMEs Bhanu Pratap Singh Verma too stated that MSME exports are going to play the role of a catalyst in restoring the strength of the Indian economy.

The country has more than 63 million MSMEs. They account for nearly 40 percent of India's exports, about 6.11 percent of the country's manufacturing GDP, and 24.63 percent of the GDP from the services sector.