Tasked with helping Indian exporters brace for the onslaught of high US tariffs on Indian products, the government is planning to implement schemes and export promotion mission guidelines from as soon as next week.
“The guidelines for the export promotion mission will be released soon. I think the details, including its elements and how the industry can benefit from it, will be released next week,” said Piyush Goyal, Minister of Commerce and Industry.
On November 12, the government approved the long-pending Export Promotion Mission (EPM) with an outlay of ₹25,060 crore for six financial years, beginning 2025-26, to help exporters deal with high tariffs.
The mission will be implemented through two sub-schemes – Niryat Protsahan (₹10,401 crore) and Niryat Disha (₹14,659 crore), the minister explained.
Under Niryat Protsahan of the EPM, the government hopes to improve access to affordable trade finance for MSMEs through a range of instruments, such as interest subvention, export factoring, collateral guarantees, credit cards for e-commerce exporters, and credit enhancement support for diversification into new markets.
Under the Niryat Disha, funds will be used for non-financial enablers, such as assistance for international branding, packaging, and participation in trade fairs, export warehousing and logistics, inland transport reimbursements, and trade intelligence and capacity-building initiatives.
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On the Centre’s priority list are sectors hit hardest by the 50 per cent tariffs imposed by the US administration on Indian goods – including textiles, leather, gems and jewellery, engineering goods, and marine products.
While the two countries remain engaged in negotiating a bilateral trade agreement, India’s merchandise exports to the US declined 8.58 per cent to USD 6.3 billion in October as a result of the high import duties.
India’s overall exports contracted 11.8 per cent to USD 34.38 billion in October on account of the high tariffs, while the trade deficit widened to a record high of USD 41.68 billion, mainly due to a jump in gold imports.
According to government data released, the country’s imports jumped 16.63 per cent to an all-time high of USD 76.06 billion due to high inbound shipments of gold, silver, cotton raw/waste, fertiliser, and sulphur.
Merchandise trade deficit during April-October 2025 was USD 196.82 billion as compared to USD 171.40 billion in the same period during April-October 2024.
On the export slump, Goyal acknowledged that there was a decline in some sectors and added that the ministry is working to help exporters in trade diversification.
Key segments, including engineering goods, petroleum products, gems and jewellery, apparel and textiles, organic and inorganic chemicals, pharmaceuticals, and plastic goods, witnessed noticeable contraction, weighing down the overall export performance.
Handicrafts, carpet, leather, iron ore, tea, rice, tobacco, spices and oil meals, too, recorded negative growth in exports in October.
With regards to shrimp exports, for instance, the minister said the European Union has approved an additional 108 domestic fishery units for the supply of marine products to the EU, while Russia also said it would be approving 25 Indian fishery units.
“A big delegation from Russia is coming on December 5. So, in different ways, we are working to support the affected sectors,” Goyal said.
The minister wrapped up his Israel visit on Sunday, where he led a 60-member business delegation to discuss ways to boost bilateral trade and investments.
The US has imposed hefty 50 per cent tariffs on Indian goods, which are impacting the country's exports.
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