Empowering India's Exporters: New Government Schemes to Boost Global Trade

The Indian government has approved two schemes totaling Rs 45,000 crore to address long-standing issues like finance, compliance, and branding for exporters. These initiatives are expected to enhance global competitiveness, empower MSMEs, and improve the export ecosystem.

The Indian government has greenlit a colossal Rs 45,000 crore push aimed at revitalizing the nation's export segment. With two pivotal schemes at the forefront, the Export Promotion Mission and Credit Guarantee Scheme, the focus is on addressing entrenched obstacles in the industry, including finance access, compliance hassles, and branding deficits.

Industry experts, including Sanjay Budhia of CII, emphasize the schemes' potential to empower MSMEs and debut exporters while tackling global trade uncertainties. Budhia highlights how merging financial with non-financial interventions simplifies challenges, enhances digital integration with trade systems, and ultimately revolutionizes the exporter landscape through reduced paperwork and quicker disbursements.

The initiative is also anticipated to pave the way for substantial job creation and sustained growth. Apparel Export Promotion Council's A Sakthivel and Federation of Indian Export Organisations' S C Ralhan concur on the initiative's capacity to reinforce market readiness and inject essential financial liquidity, vital for bolstering India's global trade competitiveness.

(With inputs from agencies.)