Export sops for tariff-hit MSMEs by next week

The government plans to announce support measures under the Export Promotion Mission as early as next week for small businesses struggling to absorb 50% US tariffs, according to Union commerce minister Piyush Goyal.

- Dhirendra Kumar

The interest subvention and Market Access Initiative schemes will be rolled out next week, the minister said after the fourth meeting of the reconstituted Board of Trade (BoT) in New Delhi on Tuesday.

The government covers part of the interest on export credit through interest subvention, allowing micro, small, and medium enterprises (MSMEs) to access cheaper loans. The Market Access Initiative funds marketing, branding and overseas promotion activities to help exporters reach new markets.

The Export Promotion Mission will introduce targeted schemes to support landlocked and smaller states, and the Centre and states must work together to expand export capacity, Goyal said, while briefing about the discussions during the meeting, which was broadcast on his YouTube channel.