India's Bold Export Push: The Game-Changing Export Promotion Mission

The Indian government has approved an Export Promotion Mission with a budget of Rs 25,060 crore for six years to counter US tariffs. This initiative aims to consolidate export support schemes, aid MSMEs, and improve market access for textiles, gems, engineering goods, and more.

The Indian government on Wednesday took a significant step in boosting the nation's export industry by approving an ambitious Export Promotion Mission (EPM) with a total budget of Rs 25,060 crore over six financial years. This strategic move addresses the challenges posed by recent tariff hikes imposed by the US.

Implemented through two primary sub-schemes, Niryat Protsahan and Niryat Disha, the mission aims to fortify the entire export ecosystem. It prioritizes assistance for sectors like textiles, leather, and marine products, which have been adversely affected by US tariffs. The mission seeks to provide affordable trade finance and non-financial support to exporters.

According to Minister Ashwini Vaishnav, the EPM represents a shift towards a unified, result-oriented approach. The mission consolidates key schemes like the Interest Equalisation Scheme and Market Access Initiative, ensuring comprehensive support to overcome structural export challenges and bolster India's global trade presence.

(With inputs from agencies.)