Prime Minister Narendra Modi and Union Home Minister Amit Shah on Thursday hailed the decisions of the Union Cabinet regarding exports. The Union Cabinet, at a meeting chaired by Modi on Wednesday, approved the export promotion mission and a credit guarantee scheme for exporters.
“Ensuring ‘Made in India ‘resonates even louder in the world market! The Union Cabinet approved the Export Promotion Mission (EPM), which will improve export competitiveness, help MSMEs, first-time exporters and sectors that are labour-intensive,” Modi said in a social media post. “It brings together key stakeholders to build a mechanism that is outcome-based and effective,” he added.
The prime minister also said the Credit Guarantee Scheme for Exporters, which has been approved by the Cabinet, will boost global competitiveness, ensure smooth business operations and help realise our dream of an Aatmanirbhar Bharat.
Modi said the decision to rationalise the royalty rates of graphite, caesium, rubidium and zirconium will strengthen supply chains and create job opportunities. The Cabinet also approved the rationalisation of royalty rates of graphite, caesium, rubidium and zirconium minerals critical for Green Energy. “This Cabinet decision will boost sustainability and self-reliance. It will strengthen supply chains and create job opportunities as well,” the prime minister said. Home Minister Shah hailed the Union Cabinet’s approval of two schemes worth Rs 45,000 crore to help exporters, which were hit by high US tariffs.
Shah said India’s export sector is reinforced with a new support system, as the Rs 25,060-crore ‘Export Promotion Mission’ has been approved by the Union Cabinet. “The decision is a firm step towards Prime Minister Narendra Modi’s vision for making the sector more competitive through globalising Indian products while unleashing a wide range of employment opportunities for youth,” he said.
The home minister also said the Cabinet has approved the Credit Guarantee Scheme for Exporters (CGSE), offering Rs 20,000 crore collateral-free credit with a 100 per cent guarantee by the National Credit Guarantee Trustee Company.
“This landmark step will boost liquidity, empower MSMEs, and accelerate Bharat’s march towards the USD 1 trillion export target — a decisive stride towards ‘Atmanirbhar Bharat’,” he said. The Export Promotion Mission seeks to strengthen India’s export competitiveness, particularly for MSMEs, first-time exporters, and labour-intensive sectors. The CGSE will ensure collateral-free credit support for exporters to help tide over global market disruptions.
