Modi 3.0 Government: Indian goods will dominate the world, the government is making a plan of 25,000 crores

Modi 3.0 Government: The central government has planned an ambitious export promotion mission to strengthen Indian exporters in the global market. Under this mission, it is proposed to provide financial assistance of about Rs 25,000 crore to exporters from FY 2025 to 2031. Its main objective is to take Indian products to global markets and provide cheap and accessible loans to exporters. This scheme will be especially beneficial for micro, small and medium enterprises (MSMEs), which face challenges posed by global trade uncertainties, such as US taxes.

Mission framework and approval process

The Commerce Ministry has sent this proposal to the Expenditure Finance Committee (EFC). After getting approval from the EFC, this proposal will be placed before the Union Cabinet. The goal of the mission is to promote inclusive and sustainable export growth in the next six years. For this, the major problems faced by MSMEs will be resolved by moving beyond the traditional approach.

This mission is planned to be implemented through two sub-schemes:

Export Promotion Scheme (over Rs 10,000 crore)

Export Disha Scheme (over Rs 14,500 crore)

Export Promotion Scheme: Key Features

Under this scheme, the government plans to take several key initiatives, including:

Interest Subsidy Support: Interest subsidy support of over Rs 5,000 crore for the next six years to enable exporters to access cheaper credit.

Alternative Trade Finance: Promoting alternative trade financing options.

Credit Cards for E-Commerce Exporters: Providing financial support to exporters in the e-commerce sector.

Cash Flow Solutions: Financial arrangements to address cash flow constraints.

Export Disha Scheme: Recognition of Indian brands in the global market

The Export Disha scheme aims to enhance the quality and global acceptance of Indian products. The major initiatives proposed under this are:

• Export Quality Standards: Assistance of around Rs 4,000 crore for meeting export quality standards.
• Overseas Market Development: Investment of over Rs 4,000 crore to enhance the reach of Indian products in overseas markets.
• Branding and Logistics: Strengthening branding, warehousing, and logistics of Indian products.
• Capacity Building: Providing training and resources to integrate more and more Indian enterprises into global value chains.

Step towards strengthening India’s position in global trade

This mission will not only provide financial support to Indian exporters but will also help them deal with the uncertainties of global trade. In particular, this scheme can prove to be important for empowering MSMEs, as these enterprises form a significant part of India’s economy. With cheaper loans, better logistics, and quality standards, the demand for Indian products is expected to increase in the global market.