Commerce and Industry Minister Piyush Goyal on Sunday announced that guidelines for the ₹25,060-crore Export Promotion Mission (EPM) will likely be issued next week, detailing its components and the support framework for exporters. The mission, cleared by the government on November 12, aims to help Indian exporters navigate the steep tariff hikes imposed by the US.
The EPM, spanning six financial years from 2025-26, comprises two major components — Niryat Protsahan (₹10,401 crore) focused on trade finance support, and Niryat Disha (₹14,659 crore) designed to strengthen non-financial export assistance. The initiative will prioritise sectors most affected by global tariff escalations, including textiles, leather, gems and jewellery, engineering goods and marine products.
India’s merchandise exports to the US — its largest export destination — declined 8.58 per cent to $6.3 billion in October, following Washington’s 50 per cent tariff on several Indian products effective from August 27. Overall exports in October fell 11.8 per cent to $34.38 billion, while the trade deficit widened to a record $41.68 billion due to a spike in gold imports.
Goyal said only a few major sectors are witnessing a sharp decline in the US market, and the government is actively supporting exporters in diversifying to new destinations. He highlighted recent approvals for Indian marine exporters, with the EU clearing 108 fishery units and Russia approving 25 additional units. A large Russian business delegation is expected to visit India on December 5. The minister, currently in Israel with a 60-member business delegation, is also holding talks to strengthen trade and investment cooperation.
Under Niryat Protsahan, the mission will enhance access to affordable trade finance for MSMEs through interest subvention, export factoring, collateral guarantees, e-commerce credit cards and credit enhancement for new markets. Niryat Disha will support branding, packaging, trade fairs, export warehousing, logistics infrastructure, inland transport reimbursements and trade intelligence initiatives.
During April–October FY25, India’s exports inched up to $254.25 billion, while imports grew 6.37 per cent to $451.08 billion. The merchandise trade deficit widened to $196.82 billion from $171.40 billion a year earlier as major segments — including engineering goods, chemicals, petroleum products, textiles, pharmaceuticals and plastics — registered contractions.