Cabinet likely to approve ₹25,000 crore export promotion mission, royalty rates of major minerals to be rationalized

The Union Cabinet is likely to approve the ₹25,000 crore Export Promotion Mission (EPM) aimed at boosting India’s outbound trade. CNBC AwaazThe mission will have two key components — Niryat Protsahan and Niryat Disha,

Under export promotion, the government is expected to announce interest equivalent support of over ₹5,000 crore to help exporters get cheaper credit.

The export direction will focus on strengthening warehousing, logistics and capacity building infrastructure as well as improving export quality compliance, overseas market development and branding.

Additionally, the Cabinet may approve rationalization of royalty rates for minerals such as graphite, cesium and zirconium. It is also likely to approve the initial public offering (IPO) of India Infrastructure Finance Company Limited (IIFCL).

The Export Promotion Mission (EPM) is based on a collaborative framework involving the Department of Commerce, Ministry of MSME, Ministry of Finance and various other relevant ministries and stakeholders.

These stakeholders include Exim Bank, ECGC (Export Credit Guarantee Corporation), CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises), NCGTC (National Credit Guarantee Trustee Company Limited), Export Promotion Councils, Commodity Boards, industry associations and state governments.

The Mission is intended to be implemented through two sub-schemes: Export Promotion (with an allocation of more than ₹10,000 crore) and Export Direction (with an allocation of more than ₹14,500 crore).

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