Export promotion mission launched to boost India's exports
India's government has kicked off 10 sub-schemes under the massive ₹25,060 crore Export Promotion Mission, aiming to boost exports going forward.
Led by Commerce Minister Piyush Goyal, this move focuses on helping small businesses and first-time exporters get better access to funding and global markets.
The 2 big pillars
The two big pillars—"Niryat Protsahan" and "Niryat Disha"—offer perks like cheaper loans, credit guarantees provided at varying coverage levels (for example, 90% under the Direct E-Commerce Credit Facility, 75% under the Overseas Inventory Credit Facility, and up to 85%/65% under collateral support), e-commerce support for inventory and logistics, plus help with meeting global standards.
There's also new certification programs (like TRACE) and smarter warehousing tools (FLOW), all designed to make exporting less intimidating for newcomers.
Existing support programs will keep running alongside new measures
Existing support programs—like market access funds and collateral-free export credit enabled under the expanded Credit Guarantee Scheme for Exporters (CGSE) of up to ₹20,000 crore—will keep running alongside these new measures.
Altogether, there's a huge safety net of ₹20,000 crore in guarantees; availability period not specified.