India's Rs 25,060-Crore Export Promotion Mission to Tackle US Tariff Challenges

India's government is set to release guidelines for the Rs 25,060-crore Export Promotion Mission, geared towards aiding exporters facing US-imposed tariffs. The mission, approved for six years starting 2025-26, includes sub-schemes addressing trade finance and market diversification. Targeted sectors include textiles, leather, and marine products.

The Indian government is preparing to release detailed guidelines for the recently approved Rs 25,060-crore Export Promotion Mission (EPM), aimed at supporting exporters struggling with high US tariffs. According to Commerce and Industry Minister Piyush Goyal, the guidelines will elaborate on the mission's components and benefits, expected next week.

The EPM, sanctioned in November for a six-year period starting in 2025-26, will be executed through two sub-schemes: Niryat Protsahan, focusing on improving MSME access to trade finance, and Niryat Disha, providing non-financial support such as international branding. The mission targets industries like textiles, leather, and marine products that are hit hardest by the new tariffs.

With Indian exports to the US dropping 8.58% in October due to a 50% tariff hike, the government is also exploring alternative markets, including the EU and Russia. Piyush Goyal, currently in Israel for trade talks, emphasizes that efforts are underway to support the affected sectors in various ways.

(With inputs from agencies.)