Government Unveils Seven Key Measures Under Rs 25,060 Crore Export Promotion Mission
The Indian government, in a significant move to bolster the country's export sector, officially launched seven operational measures on Friday under the ambitious Export Promotion Mission (EPM). This comprehensive initiative, with a substantial outlay of Rs 25,060 crore, is specifically designed to empower Micro, Small, and Medium Enterprises (MSMEs) by addressing critical challenges in finance, compliance, and logistics that have historically hindered their global competitiveness.
Operational Status and Strategic Focus
Of the total eleven interventions originally proposed under the EPM scheme, an impressive ten are now fully operational. This rapid implementation underscores the government's commitment to accelerating export growth. Notably, three of these measures were already activated in January of this year, including market access support, interest subvention for pre- and post-shipment credit, and collateral support for export credit. These early actions laid a foundational framework for the broader mission.
Commerce and Industry Minister Piyush Goyal, speaking at the official launch event, articulated the mission's core objective. "Our effort is that new products go from India, new services go across continents, new markets are captured and new exporters are promoted," he stated emphatically. Minister Goyal further called upon the industry to wholeheartedly "embrace cross-border business," highlighting the global opportunities awaiting Indian enterprises.
Empowering Entrepreneurs and Streamlining MSME Operations
The Export Promotion Mission is strategically crafted with a dual focus: to inspire young entrepreneurs and to simplify the export process for existing MSMEs. The initiative aims to encourage a new generation of business leaders to take Indian products and services to international markets. Simultaneously, it seeks to make operational life significantly easier for MSMEs through a triad of support mechanisms:
- Easier Credit Access: Facilitating smoother financial flows for export-related activities.
- Compliance Support: Assisting businesses in navigating complex regulatory and documentation requirements.
- Risk-Sharing Mechanisms: Providing a safety net to mitigate the uncertainties inherent in international trade.
Pillars of the Export Promotion Mission
The entire architecture of the EPM rests on two fundamental pillars that guide all its interventions:
- Financial Enablers: This pillar focuses on removing financial barriers by offering credit support, interest subventions, and collateral backing to ensure MSMEs have the necessary capital to engage in and expand their export operations.
- Strengthening the Trade Ecosystem: This involves building a more robust and efficient trade infrastructure. It encompasses logistics improvements, digital compliance systems, and market intelligence support to create a seamless environment for exporters to thrive on the global stage.
The launch of these seven measures marks a proactive step by the government to transform India's export landscape, particularly by empowering the MSME sector, which is a vital engine of economic growth and employment.
