India Boosts Export Sector with Rs 45,000 Crore Support Schemes

The Union Cabinet approved two schemes worth Rs 45,000 crore to support India's exporters affected by high US tariffs. These include the Rs 25,060-crore Export Promotion Mission and the Rs 20,000-crore Credit Guarantee Scheme for Exporters, aimed at enhancing India's export competitiveness and providing collateral-free credit.

The Union Cabinet has given the green light to two significant schemes totaling Rs 45,000 crore, aimed at aiding Indian exporters troubled by high US tariffs.

Union Home Minister Amit Shah expressed his approval, noting that the Rs 25,060-crore Export Promotion Mission would bolster the sector by promoting global competitiveness and creating vast employment opportunities for the country's youth.

Additionally, the Credit Guarantee Scheme for Exporters, backed by the National Credit Guarantee Trustee Company, will offer Rs 20,000 crore in collateral-free credit. This initiative is expected to boost liquidity, support MSMEs, and drive India closer to its USD 1 trillion export milestone, aligning with the 'Atmanirbhar Bharat' vision.

(With inputs from agencies.)