The Modi government is planning to launch Rs 20,000 crore Export Promotion Mission to help exporters of India. Here’s how the mission will help Indian exporters.
India-US trade relations: In a massive development for the Indian exporters who are expected to be largely impacted by the recently announced US tariffs, the government of India is reportedly planning to launch a Rs 20,000 crore Export Promotion Mission to support its exporters. As a part of the Export Promotion Mission, the central government will help exporters in key areas including trade finance, non-trade finance covering regulations. Here are all the details you need to know about the Rs 20,000 crore Export Promotion Mission and how it can help the exporters of India.
How will Export Promotion Mission help Indian exporters?
After the US tariffs on Indian exporters are implemented, a lot of critical sectors of the Indian economy including electronic equipment, Textiles and Auto parts. Therefore, in order to protect their interests, the government of India is launching the Export Promotion Mission which will focus on easing export credit, overcoming non-tariff barriers, promoting indigenous brands, expanding ecommerce infrastructure, and improving trade facilitation, as per a report carried by the Economic Times.
Also, as a part of the mission, special attention is being given to MSMEs through collateral-free loans and credit support.
Why Trump has threatened to ‘substantially’ raise tariffs on India?
In a significant development after announcing 25 percent tariffs on Indi, US President Donald Trump issued a fresh threat to “substantially” increase tariffs on India as a penalty, for what he alleged, for selling imported Russian oil on the open market for “big profits”.
Why is Donald Trump frustrated on India?
As per a report carried by news agency IANS, Trump has been frustrated by Russia’s President Vladimir Putin’s refusal to end the Ukraine War and is directing his ire against India to pressure Moscow. He wrote on Truth Social: “India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits.”
Notably, Trump had initially said the penalty, known as secondary tariffs, applying to all buyers of Russian apply would be 100 per cent.
(With inputs from agencies)
