Synopsis
In her Union Budget 2025-26 presentation, Finance Minister Nirmala Sitharaman announced the formation of an Export Promotion Mission aimed at boosting exports amidst geopolitical uncertainties. The initiative will support MSMEs and enhance access to export credit, along with establishing a digital trade infrastructure.Key Takeaways
- Export Promotion Mission announced to boost exports.
- Collaboration among Commerce, MSME, and Finance ministries.
- Introduction of BharatTradeNet for trade documentation.
- Focus on developing Global Capability Centres.
- Streamlined customs protocols for air cargo.
New Delhi, Feb 1 (NationPress) To further stimulate exports amidst geopolitical challenges, Finance Minister Nirmala Sitharaman announced the establishment of an Export Promotion Mission on Saturday. This initiative will involve sector-specific and ministerial objectives, collaboratively driven by the Ministries of Commerce, MSME, and Finance.
The mission aims to ensure easy access to export credit, support for cross-border factoring, and assistance for MSMEs to navigate non-tariff barriers in foreign markets, as stated by the Finance Minister during the presentation of the Union Budget 2025-26 in Parliament.
India's manufacturing sector experienced robust growth in January, spurred by a significant increase in new export orders and a potential surge in global restocking activities. Total exports (including both merchandise and services) for November 2024 are projected to reach $67.79 billion, reflecting a 9.59 percent increase compared to November 2023.
FM Sitharaman revealed plans to establish a digital public infrastructure named BharatTradeNet (BTN) for international trade, which will serve as a unified platform for trade documentation and financing solutions.
This initiative will work in conjunction with the Unified Logistics Interface Platform. The BTN will be designed in accordance with international standards.
"Support will be extended to enhance domestic manufacturing capabilities to better integrate our economy into global supply chains. Sectors will be chosen based on objective criteria," the budget document states.
Facilitation groups, comprising senior officials and industry stakeholders, will be created for specific products and supply chains. This initiative presents significant opportunities related to Industry 4.0, which requires advanced skills and talent.
"Our youth possess both. The government will assist the domestic electronic equipment sector in seizing this opportunity to benefit our youth," stated FM Sitharaman.
A national framework will be developed to guide states in promoting Global Capability Centres in emerging tier 2 cities. This framework will propose strategies to improve talent availability, enhance infrastructure, reform building bylaws, and establish industry collaboration mechanisms.
"Our government will facilitate the enhancement of infrastructure and warehousing for air cargo, particularly for high-value perishable horticultural products. Cargo screening and customs processes will be streamlined to be more user-friendly," the Finance Minister concluded.
