Schemes worth Rs 45,000 cr for exporters to boost shipments, enhance competitiveness

New Delhi, Nov 13 (PTI) The two schemes approved by the Union Cabinet with a combined outlay of over Rs 45,000 crore for exporters are expected to help boost the country's outbound shipments and enhance competitiveness of domestic goods in the global markets.

The government on Wednesday approved the Export Promotion Mission (Rs 25,060 crore) and the Credit Guarantee Scheme (Rs 20,000 crore).

Prime Minister Narendra Modi on Thursday said the Export Promotion Mission (EPM) will improve export competitiveness, help MSMEs, first-time exporters and sectors that are labour-intensive.

"Ensuring 'Made in India' resonates even louder in the world market! The Union Cabinet approved the Export Promotion Mission (EPM), which will improve export competitiveness, help MSMEs, first-time exporters and sectors that are labour-intensive," Modi said in a post on X.

The prime minister further said the Credit Guarantee Scheme for Exporters will boost global competitiveness, and ensure smooth business operations.

Hailing the announcements, Union Home Minister Amit Shah said India's export sector is reinforced with a new support system.

The home minister also said that the Credit Guarantee Scheme for Exporters (CGSE) "will boost liquidity, empower MSMEs, and accelerate Bharat's march towards the USD 1 trillion export target, a decisive stride towards 'Atmanirbhar Bharat".

Commenting on the move, exporters stated that the two schemes will help industry tackle long-standing challenges such as affordable finance, compliance complexities, and branding gaps.

Sanjay Budhia, Chairman of CII's National Committee on Exports and Managing Director of Patton International Ltd, said these measures aim to empower MSMEs, first-time exporters, and labour-intensive sectors, ensuring resilience amid global trade uncertainties.

Budhia said, "By integrating financial and non-financial interventions under one umbrella, it tackles long-standing challenges such as affordable finance, compliance complexities, and branding gaps, unlocking new opportunities for MSMEs." He added that digital integration with existing trade systems will transform the exporter experience, reducing paperwork, enabling faster disbursals, and enhancing coordination.

Sharing similar views, Apparel Export Promotion Council (AEPC) Vice Chairman A Sakthivel said these measures will help address the recent challenges faced by the industry.

"This initiative will enhance access to finance, improve market readiness, strengthen India's export ecosystem, and generate large-scale employment, providing fresh momentum to India's export growth," Sakthivel said.

Federation of Indian Export Organisations (FIEO) President S C Ralhan said that the Mission provides much-needed continuity, flexibility, and responsiveness to global trade dynamics.

"It will particularly empower MSMEs, who often struggle with access to affordable finance and compliance support," he said.

The Credit Guarantee Scheme for exporters, he said, will not only provide the collateral-free lending but also infuse additional financial liquidity, which is the need of the hour.

The Gems and Jewellery Export Promotion Council said with over 85 per cent of the industry comprising MSMEs, these steps will fast-track the sector's journey towards achieving USD 100 billion in exports by 2047.

"The inclusion of key measures such as the Credit Guarantee Scheme for Exporters will play a pivotal role in providing affordable capital to this capital-intensive sector," it said.

Mithileshwar Thakur, Secretary General, AEPC, too said that the apparel industry, being one of the largest employment-generating and MSME-driven sectors, stands to gain from these initiatives.

"The Export Promotion Mission will provide much-needed strategic direction and impetus to enhance India's competitiveness in overseas markets. It will also help the industry to diversify to new and non-conventional markets and help it realise its fullest potential," he said. PTI RR HVA