Indian Exporters hit by US Tariffs are set to get full support from the central government which is set to issue clearer rules for its key export scheme next week. The recently launched Export Promotion Mission with an outlay of Rs 25,060 crore aims to strengthen outbound shipments, with detailed guidelines for the Interest Equalisation Scheme and the Market Access Initiative. The move is designed to support Indian exporters as they navigate growing challenges particularly those arising from the recent US Tariffs. Director General of Foreign Trade Ajay Bhadoo confirmed that detailed guidelines for the Interest Equalisation Scheme and the Market Access Initiative (MAI) will be issued next week. DGFT further ensured that remaining components of the mission will be finalized by 15 January.
Interest Equalisation Scheme
The Interest Equalisation Scheme provides exporters with an interest subsidy on pre- and post- shipment credit, helping them borrow at more affordable rates. On the other hand, the market access initiative supports exporters to enter new markets or expand their share in existing ones by offering assistance for promotional activities, market research, trade fairs and more.
Sectors Under Pressure Amid US Tariffs
Textiles, leather, gems, jewellery, engineering goods and marine products are among the worst affected sectors after the US Tariffs. These high tariffs have weighed heavily on India’s shipment volumes to its largest export market.
In October, India’s merchandise exports to the US fell 8.58 per cent to USD 6.3 billion. Overall exports reached 11.8 per cent to USD 34.38 billion, while the trade deficit touched a record USD 41.68 billion, fuelled partly by a surge in gold imports. However, the new export strategy by the government to boost exports by launching the Export Promotion Mission came as a boon for exporters. It has been designed largely to help exporters cope with steep tariff hikes imposed by the United States.
Read More News:
- Landlocked States to Receive Focused Support under Export Promotion Mission
- India Races to Shield Exporters as US Tariffs Hit Hard
- Canada India Close to Seal Uranium Deal worth $2.8 billion
- Horticulture Production Increases 4% To 369.05 Mn Tonne In 2024-25
- India, EU Reaffirm Ambition to Conclude FTA Negotiations by Next Month
- CM Siddaramaiah Rolls Out Nandini Ghee Exports To US, Saudi Arabia, And Australia
- Govt Urges Hotels to Discard Middlemen And Purchase Directly From Farmers
- Ushuna Rice Surplus Pushes Paddy Procurement System into Crisis
- IREF Participates in APEDA’s Meeting With Afghan Delegation
- Assam-Israel Partnership: CM Biswas inaugurated the Centre of Excellence for Vegetables under the Indo-Israel Agricultural Project