The guidelines for the Export Promotion Mission (EPM) are expected to be released this week, outlining its components and industry benefits, according to Commerce and Industry Minister Piyush Goyal.
The government approved the EPM on 12th November with an outlay of Rs. 25,060 crore (US $ 2.81 billion) for six financial years beginning 2025–26, aimed at helping exporters navigate steep tariff hikes imposed by the United States. The initiative will operate through two sub-schemes — Niryat Protsahan (Rs. 10,401 crore (US $ 1.16 billion)) and Niryat Disha (Rs. 14,659 crore (US $ 1.64 billion)).
Goyal indicated that the official framework was imminent, stating that the details, including the mission’s elements and the nature of support available to industry, would be released this week.
Under the EPM, priority assistance will go to sectors hit hardest by recent global tariff escalations, particularly textiles, leather, gems and jewellery, engineering goods, and marine products — all of which have faced increasing pressure in the US market. India’s merchandise exports to the US fell 8.58% to US $ 6.3 billion in October, following Washington’s decision to impose a 50% tariff on Indian goods from 27 August. Meanwhile, India and the US continue negotiations on a bilateral trade agreement.
Niryat Protsahan will focus on improving access to affordable trade finance for MSMEs, offering tools such as interest subvention, export factoring, collateral guarantees, credit cards for e-commerce exporters, and credit enhancement for entry into new markets. Niryat Disha, meanwhile, will fund non-financial support measures, including international branding and packaging assistance, trade fair participation, export warehousing and logistics, inland transport reimbursements, trade intelligence, and capacity-building initiatives.
India’s exports contracted 11.8% to US $ 34.38 billion in October, pressured by the US tariff shock, while the trade deficit widened to a record US $ 41.68 billion amid a spike in gold imports. Imports rose 16.63% to an all-time high of US $ 76.06 billion, driven by higher shipments of gold, silver, cotton raw/waste, fertiliser, and sulphur.
During April–October of the current financial year, exports increased marginally by 0.63% to US $ 254.25 billion, while imports grew 6.37% to US $ 451.08 billion. The merchandise trade deficit stood at US $ 196.82 billion for the period, compared with US $ 171.40 billion during April–October 2024.
Several major segments — including engineering goods, petroleum products, gems and jewellery, apparel and textiles, organic and inorganic chemicals, pharmaceuticals, and plastics — recorded significant contractions. Exports of handicrafts, carpets, leather, iron ore, tea, rice, tobacco, spices, and oil meals also declined in October.
The continuing impact of the US’s 50% tariff on Indian goods remains a central concern for exporters and policymakers.
