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New Delhi, Nov 13 (IANS) Prime Minister Narendra Modi on Thursday said the latest decisions of the Union Cabinet will ensure global competitiveness for Indian exporters, while promoting stability and self-reliance for domestic companies, especially MSMEs.
The Union Cabinet chaired by PM Modi on Wednesday approved the Export Promotion Mission (EPM) with an outlay of Rs 25,060 crore to strengthen India’s export ecosystem. To strengthen India’s export competitiveness, especially for MSMEs, first-time exporters and labour-intensive sectors, major initiatives were announced in the Union Budget 2025-26.
“Ensuring that ‘Made in India’ resonates even louder in the world market! The Union Cabinet approved the Export Promotion Mission (EPM), which will improve export competitiveness, help MSMEs, first-time exporters and labour-intensive sectors. It brings together key stakeholders to create a mechanism that is outcome based and effective,” PM Modi said in a post on the X social media platform.
The Cabinet also approved the launch of Credit Guarantee Scheme for Exporters to provide 100 per cent credit guarantee coverage to member credit institutions for extending additional credit facilities up to Rs 20,000 crore to eligible exporters including MSMEs.
“The Credit Guarantee Scheme for Exporters which has been approved by the Cabinet will boost global competitiveness, ensure smooth trade operations and help realize our dream of a self-reliant India,” the Prime Minister said.
In another important decision, the Union Cabinet approved rationalization of royalty rates for four critical minerals – graphite, cesium, rubidium and zirconium. The royalty rates have been specified or modified as follows: Cesium and Rubidium will each attract 2 per cent royalty based on the Average Selling Price (ASP) of the respective metal contained in the ore produced.
PM Modi said the cabinet decision will “promote stability and self-reliance. It will strengthen supply chains and also create employment opportunities.”
Increasing indigenous production of these minerals will reduce import and supply chain vulnerabilities and will also create employment opportunities in the country.
–IANS
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