Finance ministry's expenditure finance committee to take up ₹2,250-cr export promotion mission
The Finance Ministry will soon consider a proposal from the Commerce Ministry. The proposal involves setting up a ₹2,250 crore export promotion mission. This mission aims to boost exports. It will likely include credit schemes for MSMEs and e-commerce exporters. Overseas warehousing and global branding are also planned. This initiative is crucial due to US tariffs on Indian goods.
TIL Creatives Representative Image New Delhi: The finance ministry's expenditure finance committee will soon discuss the commerce and industry ministry's proposal to set up a ₹2,250 crore export promotion mission, an official said on Wednesday. The EFC is tasked with reviewing and approving spending proposals. The government had on February 1 announced the setting up of the mission.
It is likely to include easy credit schemes for MSMEs and e-commerce exporters, facilitation of overseas warehousing, and global branding initiatives to tap emerging export opportunities."The committee, under the finance ministry, will soon take up the proposal. After its approval, it will go to the Cabinet," the official said.
The aim to grow exports has gained criticality with the US announcing steep 50% tariffs on Indian imports. The commerce and industry ministry has since held several stakeholder meetings to understand the challenges being faced by exporters due to the high US tariffs.
Sectors like textiles, chemicals, leather goods, and footwear are expected to be the hardest hit.
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