The government is considering to allot a "much bigger amount" than the Rs 2,250 crore allotted for the Export Promotion Mission, sources told NDTV Profit on Monday, amid the impending trade tensions.
The scheme is headed to the Union Cabinet for approval soon, the persons familiar with the matter said. This comes amid pressure weighing on Indian exporters due to the 50% tariffs levied by the United States.
The Finance Ministry had earlier allotted Rs 2,250 crore for the mission, which is expected to support Indian exporters amid the prevailing global headwinds.
Inter-ministerial consultations have taken place regarding the export promotion scheme, persons privy to the details said.
The mission was first announced in February this year and has been a longstanding demand of exporters. Officials have indicated that alongside export promotion, measures to stimulate domestic consumption will also be taken, ensuring that growth in foreign trade does not come at the cost of the home market. It is expected to focus on strengthening market access, diversifying India's export destinations, and boosting the competitiveness of Indian goods in global markets.
The mission is also likely to feature a range of measures, including easy credit schemes for MSME and e-commerce exporters, facilitation of overseas warehousing, and global branding campaigns to position Indian products more competitively in emerging markets. Sources suggest the programme will also focus on tapping new export opportunities in high-growth sectors.
Exporters, meanwhile, have emphasised that any bilateral trade deal with the US should not be signed at the expense of national interest. This comes amid ongoing negotiations with Washington, where differences over market access in sensitive sectors like agriculture and dairy have stalled progress.
Washington's 50% levy on products from India is now applicable. The government stands firmly behind Indian exporters, Sitharaman recently said, adding that a comprehensive support to sustain the economic growth will be extended. Liquidity-related demands will be met through the mission, she stated.
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