FM proposes Export Promotion mission to promote Easy Access to Export Credit
'Bharat TradeNet' (BTN) is to be set up as a digital public infrastructure for international trade as a unified platform for trade documentation and financing solutions which ultimately promoting export growth
Export Promotion – Finance Minister Nirmala Sitharaman – Union Budget 2025 – Export Promotion mission – taxscan
Export Promotion – Finance Minister Nirmala Sitharaman – Union Budget 2025 – Export Promotion mission – taxscan
The Finance Minister Nirmala Sitharaman presented the Union Budget 2025 on February 1st, 2025 at 11:00 AM before the Parliament. In the budget, the proposal was made for export promotion mission which ultimately promote easy access to export credit.
With a substantial contribution to GDP and foreign exchange reserves, exports are essential to India's economic expansion. In an effort to boost export competitiveness and aid exporters, the government has started a number of programs that make export credit easily accessible and provide seamless financial support for exporters, particularly MSMEs.
The exports are to propel growth through providing support to develop domestic manufacturing capacities for our economy's integration with global supply chains. The promotion mission proposed to form the facilitation groups for select products and supply chains
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The role of government to support the domestic electronic equipment industry to leverage Industry 4.0 opportunities for the benefit of youth will also be part of mission. FM also proposed to formulate a national framework as guidance to states for promoting Global Capability Centers in emerging tier-2 cities.
As a part of the enhancement of export promotion, the government has made many initiatives for Easy Export Credit Access. Interest Equalization Scheme (IES), Export Credit Guarantee Corporation (ECGC) Scheme, NIRVIK Scheme (Niryat Rin Vikas Yojana), Trade Infrastructure for Export Scheme (TIES), Credit Linked Capital Subsidy Scheme (CLCSS), Export Development Fund (EDF) are the key schemes for the same.
The FM pointed out the aim of the export promotion mission as to improve export credit, cross-border factoring support, and support to MSMEs to tackle non-tariff measures in overseas markets. 'Bharat TradeNet' (BTN) is to be set up as a digital public infrastructure for international trade as a unified platform for trade documentation and financing solutions which ultimately promoting export growth.
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