India's Export Promotion Mission: Boosting Outbound Shipments

The government has introduced an Export Promotion Mission with a budget of Rs 2,250 crore. Managed by the ministries of commerce, MSME, and finance, it provides export credit and cross-border support for MSMEs. A digital infrastructure platform, BharatTradeNet, will streamline trade processes, aiming to improve the international trade ecosystem.

The government announced the establishment of an Export Promotion Mission on Saturday, allocating Rs 2,250 crore to bolster the nation's outbound shipments. The mission will be a collaborative effort among the commerce, MSME, and finance ministries.

Key features of the mission include facilitating easy access to export credit and cross-border factoring support, particularly aiding MSMEs in overcoming non-tariff barriers abroad, as outlined by Finance Minister Nirmala Sitharaman.

In tandem, the government will launch a digital framework, 'BharatTradeNet' (BTN), a unified platform for trade documentation. This initiative aims to enhance India's trade ecosystem by digitizing processes and integrating major stakeholders, promoting increased export opportunities for diverse sectors.

(With inputs from agencies.)