India's Export Push: New Mission to Boost Global Shipments

The Indian government unveiled an Export Promotion Mission with an allocation of Rs 2,250 crore to enhance outbound shipments. Collaborating with three ministries, the mission will ease credit access and streamline international trade. Key initiatives include 'BharatTradeNet' for digital trade solutions and boosted credit for MSME exports.

The government has announced an ambitious Export Promotion Mission with an investment of Rs 2,250 crore aimed at boosting India's outbound shipments. This initiative will be driven by the collaborative efforts of the ministries of commerce, MSME, and finance.

Finance Minister Nirmala Sitharaman outlined the benefits, emphasizing easy access to credit for exporters, cross-border factoring support, and aid for MSMEs to navigate non-tariff barriers in foreign markets. The mission will set sectoral and ministerial targets to ensure efficacy.

An integral component of this drive is the establishment of 'BharatTradeNet', a digital public infrastructure, designed to improve trade documentation and financing capacities. Additionally, the government has revised MSME classification criteria, offering enhanced credit facilities to further aid exporter MSMEs.

(With inputs from agencies.)