Govt approves Export Promotion Mission with outlay of Rs 25,060 cr for six years

New Delhi, Nov 12 (PTI) The government on Wednesday approved an Export Promotion Mission with an outlay of Rs 25,060 crore for six financial years, beginning this fiscal, a move which will help exporters deal with high tariffs imposed by the US.

The mission will be implemented through two sub-schemes - Niryat Protsahan (Rs 10,401 crore) and Niryat Disha (Rs 14,659 crore).

It is a very comprehensive mission and it will support the complete export ecosystem, information and broadcasting minister Ashwini Vaishnav told reporters here.

Under the mission, priority support will be extended to sectors impacted by recent global tariff escalations, such as textiles, leather, gems and jewellery, engineering goods, and marine products.

The measure will help insulate domestic exporters from the high tariffs imposed by the US on Indian goods. The US has imposed a hefty 50 per cent tariff on Indian goods, starting August 27.

Under Niryat Protsahan, focus will be given to improve access to affordable trade finance for MSMEs through a range of instruments such as interest subvention, export factoring, collateral guarantees, credit cards for e-commerce exporters, and credit enhancement support for diversification into new markets.

Similarly under the Niryat Disha, focus will be there on non-financial enablers that enhance market readiness and competitiveness, including export quality and compliance support, assistance for international branding, packaging, and participation in trade fairs, export warehousing and logistics, inland transport reimbursements, and trade intelligence and capacity-building initiatives.

It is expected to facilitate access to affordable trade finance for MSMEs, enhance export readiness through compliance and certification support, and improve market access and visibility for Indian products.

The mission is designed to directly address structural challenges that constrain Indian exports, including limited and expensive trade finance access, high cost of compliance with international export standards, inadequate export branding and fragmented market access, and logistical disadvantages for exporters in interior and low-export-intensity regions.

The Directorate General of Foreign Trade (DGFT) will act as the implementing agency, with all processes -- from application to disbursal -- being managed through a dedicated digital platform integrated with existing trade systems.

India's exports grew 6.74 per cent to USD 36.38 billion in September, while imports jumped 16.6 per cent, widening the trade deficit to USD 31.15 billion, the highest in over a year.

Cumulatively, during April-September this year, exports increased by 3.02 per cent to USD 220.12 billion, while imports rose 4.53 per cent to USD 375.11 billion, leaving a trade deficit of USD 154.99 billion. PTI RR HVA