Govt plans wider interest support under Export Promotion Mission

With US tariffs escalating trade costs and the current trajectory showing challenges in achieving the $1-trillion export target by 2030, the Commerce Ministry is pushing for a wider interest subvention scheme (ISS) for all MSMEs & labour-intensive industries in its proposed Export Promotion Mission (EPM).

- AMITAV RANJAN

With US tariffs escalating trade costs and the current trajectory showing challenges in achieving the $1-trillion export target by 2030, the Commerce Ministry is pushing for a wider interest subvention scheme (ISS) for all MSMEs & labour-intensive industries in its proposed Export Promotion Mission (EPM).

‘The ISS is expected to cushion India’s labour-intensive sectors (textiles, leather & footwear, marine products, engineering goods), which are among the hardest hit due to US tariffs, thereby ensuring competitiveness and safeguarding employment,’ said a ministry official.

He said the ministry has designed the EPM to help MSMEs and first-time exporters with the aim to diversify India’s export basket and to support labour-intensive sectors.