Commerce, finance ministries in talks for 2,250 crore export boost mission

NEW DELHI: The commerce and finance ministries are in dialogue for the Rs 2,250 crore export promotion mission , with the Expenditure Finance Committee expected to take it up soon, an official said on Wednesday.

The mission was part of budget announcements but has gathered urgency in the wake of the possible adverse impact of US tariffs on India's exports. The commerce department has already prepared a blueprint, which focuses on expanding the number of exporters, especially MSMEs, while supporting first time exporters.

A key thrust is on export finance and putting in place new tools, while also dealing with non-tariff barriers erected by other countries. Facilitation of overseas warehousing and global branding initiatives to tap emerging export opportunities were the other thrust areas of the plan.

Some of it may, however, need to be tweaked, amid demand for bigger support from exporters, particularly in labour intensive ones, such as textiles and footwear. "The committee, under the finance ministry, will soon take up the proposal. After its approval, it will go to the Cabinet," the official said.

Commerce and industry minister Piyush Goyal has held a series of stakeholder meetings to understand challenges, which they are facing due to high US tariffs on Indian goods.