What Are The Schemes Under The Export Promotion Mission?

About The Export Promotion Mission

The government of India launched the Export Promotion Mission to improve the working of the export sector of India. In addition, to tackle the challenges faced by the export sector and the Micro, Small, and Medium Enterprises (MSMEs), authorities are now planning to include some schemes in the mission.

There are some details of the Export Promotion Mission that one should know for better understanding. All those major details are mentioned below in brief:

• The Ministry of Finance and the Department of Commerce will be working on designing the schemes. After the creation of schemes, the Cabinet will approve and finalise the schemes as announced during the announcement of the Union Budget of 2025.

• A budget of around Rs. 2250 crore has been allocated for the mission so that MSMEs and the whole sector can utilise it properly such as for credit options.

• The government is working on a system to increase export credit without the need for collateral or at least reduced collateral.

• The mission will also focus on promoting factoring services which allows the exporters to sell their products to a factoring service at discounted rates.

• As MSMEs face an issue of non-tariff barriers, the govt mission may also find a way to compensate the additional costs incurred by them for registration, testing, certification, and inspection for organic and halal products, electric goods, energy audit, and the European Union’s carbon tax and deforestation regulations.

• The govt mission will also provide additional support to businesses in the export sector to purchase plant and machinery. This is being done because of the compliance with non-tariff measures.