Government framing schemes under export promotion mission for exporters

The authorities is framing schemes for MSME exporters to supply recognition astatine casual terms, beforehand alternate financing instrumentality done strengthening factoring services for them, and connection assistance to woody with non-tariff measures imposed by different countries, an authoritative said connected Tuesday.

The commerce, MSME and concern ministries are moving connected these schemes, Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi told reporters here.

These schemes are being formulated nether the export promotion mission, announced successful the Union Budget for 2025-26.

The schemes are expected to beryllium rolled retired successful astir 4-5 months, helium said.

The authorities connected February 1 announced the mounting up of an Export Promotion Mission with an outlay of Rs 2,250 crore to beforehand the country's outbound shipments.

Finance Minister Nirmala Sitharaman has said done the mission, the authorities volition facilitate exporters to get casual entree to credit, cross-border factoring support, and enactment MSMEs to tackle non-tariff measures successful overseas markets.

Sarangi said that promoting factoring services would assistance trim the dependence of exporters connected banks.

Export factoring services, a wide utilized financing instrumentality globally, person debased adoption successful India owed to precocious factoring costs involving higher rates of interest, higher hazard premiums and deficiency of parity with subvention schemes.

The cross-border factoring should attain a definite standard to scope astir 3 per cent of merchandise exports (in enactment with the planetary average), helium said.