Finance Minister Nirmala Sitharaman announced the introduction of the Export Promotion Mission by allocation of Rs 2,250 crore. Its purpose is to increase India’s export competition at a time when protectionism and uncertainty are increasing globally. The Department of Commerce under the mission, micro, small and medium enterprises (MSME) will set export targets to various sectors. Measures will also be taken to support MSMEs to deal with non -fee obstacles in foreign markets.
Steps to support MSME to deal with non -fee barriers in foreign markets are being taken at a time when India’s exporters have been affected by implementing non -fee measures related to climate change of European Union (EU). These measures include carbon border adjustment mechanisms (CBAM) and EU Deforrestation Regulation (EUDR).
In the budget of 2025-26, Sitharaman said, ‘We will set up the Export Promotion Mission. In this, targets will be set at the level of the ministry and sector. It will be conducted together with Commerce, MSME and Ministry of Finance. This will help in dealing with easier access to export loans, removing problems related to cross -border and non -fee obstacles in foreign markets to deal with MSMEs. ‘
During the first 9 months of the current financial year, India has exported $ 321.37 billion items, which is 1.6 percent higher than the same period last year. Commerce Department data shows that the export has increased by 6 percent to $ 602.64 billion even if the service is included. The government aims to export $ 800 billion goods and services during the current financial year.
Interestingly, despite the request of the Department of Commerce and exporters, the Finance Ministry has not extended the duration of Interest Equilaization Scheme (IES) for exporters, which aims to benefit MSME, especially MSMEs. According to the budget document, the revised estimate for the scheme is Rs 2,250 crore. The allocation of Market Access Initiative (MAI) scheme has also been abolished.
Sitharaman further said that the government will set up the National Manufacturing Mission to carry forward the Make in India initiative which will include small, medium and large industries. It will be embodied by providing policy support, implementation of policy, administration and monitoring framework for central ministries and states.