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Commerce Ministry Unveils 8 Export Promotion Plans
The commerce ministry is anticipated to launch eight elements of the Rs 25,060-crore Export Promotion Mission, such as e-commerce, factoring services, and warehousing. Export factoring services, a popular financing tool worldwide, see limited use in India because of expensive factoring costs, which include elevated interest rates, increased risk premiums, and a lack of alignment with subvention programs
In November of the previous year, the Union Cabinet sanctioned two initiatives with a total expenditure exceeding Rs 45,000 crore -- the Export Promotion Mission (Rs 25,060 crore) and the Credit Guarantee Scheme (Rs 20,000 crore).
The Export Promotion Mission (EPM) functions with two interconnected sub-schemes -- Niryat Protsahan (Financial Support) and Niryat Disha (Non-Financial Support) which collectively tackle financial and non-financial enablers.
The Niryat Protsahan aims to enhance access to budget-friendly trade finance for MSME exporters by utilizing tools like interest subsidies on pre- and post-shipment credit, export-factoring and deep-tier financing, credit cards designed for e-commerce exporters, collateral assistance for export credit, and credit-boosting for emerging or high-risk markets.
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Conversely, the Niryat Disha sub-scheme focuses on enhancing market readiness and competitiveness by providing support for export quality and compliance (such as testing, certification, audits), assistance with international branding and packaging, participation in trade fairs and buyer-seller meetings, export warehousing and logistics, reimbursements for inland transport for exporters in remote districts, and capacity-building at clusters, associations, and district-level facilitation units.
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"We are currently in the process of implementing eight elements of the EPM." It has been completed. "The commerce ministry official stated that we will disclose the rollout next week, noting that the components will address topics such as e-commerce, warehousing, and factoring services."
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Export factoring services, a popular financing tool worldwide, see limited use in India because of expensive factoring costs, which include elevated interest rates, increased risk premiums, and a lack of alignment with subvention programs.
