New Delhi, Feb 1 In a bid to further push exports amid geo-political uncertainties, Finance Minister Nirmala Sitharaman on Saturday announced the setting up of an Export Promotion Mission, with sectoral and ministerial targets, driven jointly by the Ministries of Commerce, MSME, and Finance.
It will facilitate easy access to export credit, cross-border factoring support, and support to MSMEs to tackle non-tariff measures in overseas markets, the Finance Minister said while presenting the Union Budget 2025-26 in the Parliament.
India’s manufacturing sector recorded a strong growth in January this year led by a sharp rise in new export orders and a likely flurry of restocking activity around the world. Total exports (merchandise and services combined) during November 2024 are estimated at $67.79 billion, registering a growth of 9.59 per cent vis-a-vis November 2023.
FM Sitharaman said that a digital public infrastructure, ‘BharatTradeNet’ (BTN) for international trade, will be set up as a unified platform for trade documentation and financing solutions.
This will complement the Unified Logistics Interface Platform. The BTN will be aligned with international practices.
"The support will be provided to develop domestic manufacturing capacities for our economy’s integration with global supply chains. Sectors will be identified based on objective criteria," according to the Budget document.
Facilitation groups with the participation of senior officers and industry representatives will be formed for select products and supply chains. Through this, there are huge opportunities related to Industry 4.0, which needs high skills and talent.
"Our youth have both. Our government will support the domestic electronic equipment industry to leverage this opportunity for the benefit of the youth," said FM Sitharaman.
A national framework will be formulated as guidance to states for promoting Global Capability Centres in emerging tier 2 cities. This will suggest measures for enhancing the availability of talent and infrastructure, building-byelaw reforms, and mechanisms for collaboration with industry.
"Our government will facilitate the upgradation of infrastructure and warehousing for air cargo including high-value perishable horticulture produce. Cargo screening and customs protocols will be streamlined and made user-friendly," the Finance Minister said.
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