NEW DELHI, Feb 1: Union Minister Piyush Goyal announced on Saturday that the ministries of commerce, MSME, and finance will collaborate to pinpoint sectors that require support measures under the newly established export promotion mission, aimed at enhancing the country’s overseas shipments. Goyal explained that the mission may address issues such as providing affordable credit options for the exporting community. The government has allocated Rs 2,250 crore for this Export Promotion Mission, which will jointly operate under the aforementioned ministries. The initiative aims to streamline access to export credit, offer cross-border factoring assistance, and provide support to MSMEs in overcoming non-tariff barriers in international markets. Goyal highlighted that the Finance Minister has allowed for flexibility in export promotion efforts, indicating a collective approach from all three ministries to develop strategies tailored to the specific needs of various sectors. He noted that the upcoming Budget announcements are expected to bolster domestic manufacturing and exports in industries like textiles, marine products, toys, and leather. Regarding the National Manufacturing Mission, Goyal stated that it will concentrate on sectors that require additional support, identifying areas where cost disadvantages exist and offering assistance accordingly. (PTI)
