‘Export promotion mission guidelines likely next week’
Jerusalem: Commerce and Industry Minister Piyush Goyal on Sunday said guidelines for the Rs 25,060-crore Export Promotion Mission (EPM) will likely be issued next week, outlining its components and the support available to industry.
The government approved the mission on November 12 to help exporters cope with steep tariff hikes imposed by the US.
The scheme, spread over six financial years, beginning 2025-26, will operate through two components — Niryat Protsahan (Rs 10,401 crore) and Niryat Disha (Rs 14,659 crore).
Goyal said the EPM will prioritise sectors hit hardest by global tariff escalations, including textiles, leather, gems and jewellery, engineering goods and marine products. India’s merchandise exports to the US — its largest market — fell 8.58 per cent to $6.3 billion in October after Washington imposed a 50 per cent tariff on several Indian products from August 27.
Overall exports contracted 11.8 per cent to $34.38 billion that month, while the trade deficit widened to a record $41.68 billion due to a surge in gold imports.
The minister noted that only 3–4 key sectors are seeing a substantial dip in the US market, and the government is actively assisting exporters in diversifying their destinations. He highlighted fresh approvals for Indian marine exporters, with the EU clearing 108 fishery units and Russia approving 25 more, alongside a large Russian business delegation expected on December 5. Goyal, currently in Israel with a 60-member business delegation, is holding discussions to boost trade and investment ties.
Under Niryat Protsahan, the focus will be on improving access to affordable trade finance for MSMEs through interest subvention, export factoring, collateral guarantees, e-commerce credit cards and credit enhancement for new markets. Niryat Disha will fund non-financial support such as branding, packaging, trade fairs, export warehousing, logistics support, inland transport reimbursements and trade intelligence initiatives.
During April–October FY25, India’s exports rose slightly to $254.25 billion, while imports increased 6.37 per cent to $451.08 billion. The merchandise trade deficit widened to $196.82 billion, up from $171.40 billion a year earlier, as several major segments — including engineering goods, chemicals, petroleum products, textiles, pharmaceuticals and plastics — recorded
contractions.
