Sun Feb 02 17:12:29 UTC 2025: ## India Launches ₹2,250 Crore Export Promotion Mission

**New Delhi, February 2, 2025** – The Indian government has announced a new ₹2,250 crore (approximately $275 million USD) Export Promotion Mission aimed at boosting the country’s outbound shipments. The initiative, a joint effort by the Ministries of Commerce, MSME, and Finance, will focus on providing targeted support to key sectors needing capital for technology upgrades, marketing, brand building, and accessing new markets.

Commerce and Industry Minister Piyush Goyal stated that the mission will address critical issues such as affordable export credit access and assistance for MSMEs in navigating non-tariff measures (NTMs) imposed by foreign countries. The ministries will collaboratively identify sectors requiring the most support, with flexibility built into the scheme to allow for tailored interventions.

Goyal highlighted the potential for increased exports from sectors like textiles, marine products, toys, and leather, boosted by recent budget announcements. The mission will specifically address challenges posed by NTMs, such as stringent EU regulations like the Carbon Border Adjustment Mechanism (CBAM), by providing assistance to MSMEs in meeting compliance requirements.

The mission replaces previous schemes like the Market Access Initiative (MAI) and the Interest Equalization Scheme (IES), which ended December 31, 2024. While the IES will not be extended, Goyal indicated that the new mission will offer smarter, more targeted support to deserving sectors, potentially through innovative credit schemes.

Addressing concerns about India being labeled a “high-tariff” country by the US, Goyal emphasized the government’s commitment to addressing inverted duties and reducing tariffs to support domestic industries. He believes the recent budget’s tariff cuts will positively impact businesses and manufacturing. The government will also focus on supporting sectors facing cost disadvantages through a National Manufacturing Mission. The new Export Promotion Mission is expected to significantly contribute to India’s export growth in the coming years.

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