On Wednesday, November 12, the Union Government announced some new export schemes with an expenditure of Rs. 45,060 crore to support exporters, especially in sectors such as textiles, leather, gems and jewellery, engineering goods, and marine products, which have been severely affected after the imposition of high US tariffs. The initiatives include an export promotion mission with an expenditure of Rs. 25,060 crore and the expansion of the credit guarantee scheme of exporters with a fund allocation of Rs. 20,000 crore. Notably, the proposals have been approved by the Union Cabinet of Prime Minister Narendra Modi.
New export schemes by the Govt to enhance India’s export competitiveness
Speaking to the media regarding New export Schemes, Union Minister Ashwini Vaishnaw stated that the export promotion mission could help improve India’s export competitiveness, especially for MSMEs, first-time exporters, and labour-intensive sectors. This mission would turn the various fragmented schemes into one which a result-oriented and adaptive mechanism that can respond swiftly to global trade challenges and upcoming exporter needs.
Central Govt’s move to support exporters amid imposition of high US Tariffs
The Central government’s move to support exporters comes amid the imposition of high US tariffs by the Trump-led administration. The imposition of US tariffs of 50% on Indian exports came into effect on August 27. Since then, exporters have been approaching the government for support to tackle the crisis. Now, to provide a little relief to the exporters, the central government has announced Rs. 20,000 crore collateral-free credit support. These new export schemes will be implemented by the Department of Financial Services through the National Credit Guarantee Trustee Company Limited to offer additional credit support by Member Lending institutions to the eligible exporters, including MSMEs.
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