Rs 25,060-crore export promotion mission norms on anvil

Jerusalem: The guidelines for the Rs25,060-crore Export Promotion Mission (EPM) are likely to be released from next week, detailing its components and benefits for the industry, Commerce and Industry Minister Piyush Goyal said.

The government, on November 12, approved the EPM with an outlay of Rs25,060 crore for six financial years, beginning 2025-26, to help exporters deal with high tariffs imposed by the US. The mission will be implemented through two sub-schemes- Niryat Protsahan (Rs10,401 cr) and Niryat Disha (Rs14,659 cr).

“The guidelines for the export promotion mission will be released soon. I think the details, including its elements and how the industry can benefit from it, will be released next week,” he told PTI. Under the Export Promotion Mission, priority support will be extended to sectors impacted by recent global tariff escalations, such as textiles, leather, gems and jewellery, engineering goods, and marine products. These sectors are facing challenges in the US market. Due to the high import duties, India’s merchandise exports to the US declined 8.58 per cent to $6.3 billion in October.

The US has imposed a steep 50 per cent tariff on Indian goods from August 27. Meanwhile, the two countries are negotiating a bilateral trade agreement. On the export dip to the US, Goyal said there was a decline in 3-4 sectors, and the ministry is working to help exporters in trade diversification. Citing an example of shrimp, he said the European Union has approved an additional 108 domestic fishery units for the supply of marine products to the EU. Russia is also approving 25 Indian fishery units.

“A big delegation from Russia is also coming on December 5. So, in different ways, we are working to support the affected sectors,” Goyal said.