India's Ambitious Leap Towards Global Export Dominance

The Union Cabinet's approval of two schemes, with an outlay of over Rs 45,000 crore, aims to enhance India's exports by boosting competitiveness and supporting MSMEs and exporters. The Export Promotion Mission and Credit Guarantee Scheme address long-standing challenges and support the country's march towards a USD 1 trillion export target.

The Union Cabinet has sanctioned two pivotal schemes, allocating over Rs 45,000 crore to propel India's export sector globally. These initiatives aim to boost the competitiveness of Indian products, supporting MSMEs, first-time exporters, and labour-intensive sectors amid global trade uncertainties.

Prime Minister Narendra Modi emphasized that the Export Promotion Mission and Credit Guarantee Scheme for Exporters will significantly fortify India's export infrastructure. He noted that improving global competitiveness and ensuring smooth business operations are at the forefront of these measures.

Industry players, like CII's Sanjay Budhia and AEPC's A Sakthivel, echoed the government's optimism, highlighting that these schemes will tackle challenges such as finance access and compliance. The measures are set to generate employment, improve market readiness, and reduce barriers for MSMEs, paving the way for a stronger export ecosystem.

(With inputs from agencies.)