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Export Promotion Mission aims to facilitate easy access to export credit, provide cross-border factory support, and help MSMEs tackle non-tariff measures in overseas markets
To further boost global trade, Sitharaman announced a digital public infrastructure, ‘BharatTradeNet’ (BTN), for international trade
The Centre plans to develop domestic manufacturing capacities for the economy's integration with global supply chains
Finance minister Nirmala Sitharaman on Saturday (February 1) said that the Centre will establish an Export Promotion Mission with sectoral and ministerial targets. The mission will be driven jointly by the commerce, MSME and finance ministries.
Emphasising that exports are the fourth engine of growth, Sitharaman said that the Export Promotion Mission aims to facilitate easy access to export credit, provide cross-border factory support, and help MSMEs tackle non-tariff measures in overseas markets.
As per Economic Survey 2024-25, total exports, including merchandise and services, have seen a steady 6% growth in the first nine months of FY25 reaching $602.6 Bn. Growth in services and goods exports, excluding petroleum and gems and jewellery, was 10.4%. However, there was a slight moderation in export growth in some areas when compared to the growth witnessed in the same period of FY24.
To further boost global trade, Sitharaman also announced a digital public infrastructure, ‘BharatTradeNet’ (BTN), for international trade. The will be set up as a unified platform for trade documentation and financing solutions and complement the Unified Logistics Interface Platform.
“The BTN will be aligned with international practices,” the finance minister said.
Besides, the Centre plans to develop domestic manufacturing capacities for the economy’s integration with global supply chains.
“Sectors will be identified based on objective criteria, facilitation groups with participation of senior officers and industry representatives will be formed for select products and supply chains. Through this, there are huge opportunities related to industry 4.0, which needs high skills and talent,” Sitharaman said.
The industry leaders also expect that her other announcements during the budget today, including INR 10,000 Cr Fund of Funds for Startups, the proposal for a deeptech fund, PM Research Fellowship scheme to provide 10K fellowships for technological research in IITs and IISc, are also set to positively impact the country’s export industry.
