Daijiworld Media Network – New Delhi

New Delhi, Nov 14: Exporter bodies and trade experts have largely welcomed the Union Cabinet’s approval of the Export Promotion Mission (EPM) and the credit guarantee scheme for exporters (CGSE), while cautioning that the allocations and operational details will need strengthening to meet India’s ambitious export goals.

Cleared on November 12, the EPM carries a total outlay of Rs 25,060 crore for 2025-26 to 2030-31, consolidating multiple schemes into a single outcome-driven mechanism. The CGSE provides 100% credit guarantee coverage worth ?20,000 crore to lenders extending trade finance to exporters, including MSMEs.

According to the government, the EPM aims to ease access to affordable finance for MSMEs, boost compliance and certification readiness, and improve global market access for Indian products.

Industry leaders hailed the Mission as timely and transformative. Kirit Bhansali, Chairman of the Gem and Jewellery Export Promotion Council, said the initiative would significantly improve the ease of doing business. “The inclusion of interest subvention and expanded support for trade fairs will empower MSMEs and first-time exporters,” he noted.

Engineering Exports Promotion Council Chairman Pankaj Chadha said the scheme prioritises engineering goods — a sector hit hard by global disruptions, including a 50% tariff imposed by the US on several Indian items. He added that the Mission would help exporters explore new markets and products, while the guarantee scheme would ensure affordable trade finance.

Trade advisor Manoj Mishra of Grant Thornton Bharat said the focus on innovation, diversification and sustainability would help India regain its export momentum and strengthen its global standing.

However, some experts expressed reservations about the lack of clarity and limited financial resources. Former DGFT official Ajay Srivastava said the Mission, announced in February, still remained “a broad framework” without detailed operational guidelines. He warned that setting up new systems and procedures could delay actual disbursals.

“The outlay amounts to less than ?4,200 crore per year. The financial resources do not match the Mission’s ambition,” he said.

Piyush Doshi of the Foundation for Economic Development said the government should consider a more targeted approach. “Support must be meaningful and linked to performance rather than being spread thinly across too many beneficiaries,” he said, adding that procedures should be trust-based rather than burdened by excessive paperwork.

While the Mission marks a major step towards a simplified export ecosystem, experts say much will depend on its execution and timely rollout of detailed guidelines.