The Union Cabinet approved two schemes worth Rs 45,000 crore — the Rs 25,060-crore Export Promotion Mission and the Rs 20,000-crore Credit Guarantee Scheme for Exporters (CGSE) — to support exporters affected by high US tariffs.
The schemes aim to enhance competitiveness, provide collateral-free credit, and support first-time and labour-intensive exporters as part of the Atmanirbhar Bharat vision.
Union Home Minister Amit Shah on Thursday praised the Union Cabinet's approval of two schemes worth Rs 45,000 crore to help exporters who were hit by high US tariffs.
He stated that India's export sector is invigorated with a new support system, as the Rs 25,060-crore ‘Export Promotion Mission’ has been approved by the Union Cabinet.
Shah also said that the Cabinet has approved the Credit Guarantee Scheme for Exporters (CGSE), which will offer Rs 20,000 crore collateral-free credit with a 100 per cent guarantee by the National Credit Guarantee Trustee Company.
The decisions were taken at the Cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday.
"The decision is a firm step towards Prime Minister Narendra Modi's vision for making the sector more competitive through globalising Indian products while unleashing a wide range of employment opportunities for youth," Shah said.
"This landmark step will boost liquidity, empower MSMEs, and accelerate Bharat's march towards the USD 1 trillion export target — a decisive stride towards 'Atmanirbhar Bharat'," he said.
(with PTI inputs)
