In a series of strategic moves to invigorate its economy and fortify national capabilities, the Indian government has announced and advanced several crucial schemes and policies. These initiatives, spanning trade, research, and defence, underscore India's commitment to achieving self-reliance and global competitiveness.
Export Promotion Mission and Credit Guarantee Scheme for Exporters
The Union Cabinet, chaired by Prime Minister Narendra Modi, approved a comprehensive financial package worth approximately $5.1 billion (around ā¹42,500 crore) to boost India's export sector. This includes a new Export Promotion Mission (EPM) with an outlay of ā¹25,060 crore over six years (FY 2025-26 to FY 2030-31) and an expansion of the Credit Guarantee Scheme for Exporters (CGSE) with ā¹20,000 crore in collateral-free credit.
- Export Promotion Mission (EPM): This mission, budgeted at ā¹25,060 crore, aims to strengthen India's export ecosystem, particularly for Micro, Small, and Medium Enterprises (MSMEs), first-time exporters, and labour-intensive sectors. It marks a strategic shift from fragmented schemes to a unified, outcome-based, and adaptive mechanism to address global trade challenges and evolving exporter needs. The mission will consolidate existing schemes like the Interest Equalisation Scheme (IES) and the Market Access Initiative (MAI).
- Credit Guarantee Scheme for Exporters (CGSE): The Cabinet approved the introduction of the CGSE, providing 100% credit guarantee coverage by the National Credit Guarantee Trustee Company Limited (NCGTC) to Member Lending Institutions (MLIs). This scheme will extend additional credit facilities of up to ā¹20,000 crore to eligible exporters, including MSMEs, ensuring collateral-free credit access. The objective is to enhance liquidity, ensure smooth business operations, and reinforce India's progress towards achieving a $1 trillion export target, aligning with the 'Aatmanirbhar Bharat' vision.
These measures are particularly crucial as Indian exports to the United States have been impacted by steep tariffs, with some goods facing up to a 50% tariff. Home Minister Amit Shah lauded these schemes, emphasizing their role in making the sector more competitive and generating employment opportunities.
ā¹1 Lakh Crore Research, Development and Innovation (RDI) Scheme Fund
In a significant boost to the country's research and development ecosystem, Prime Minister Narendra Modi launched the ā¹1 Lakh Crore Research, Development and Innovation (RDI) Scheme Fund. This fund aims to promote a private sector-driven R&D ecosystem in India, making capital available for high-risk and high-impact projects. The announcement was made during the Emerging Science, Technology and Innovation Conclave (ESTIC) 2025.
Expediting New Special Economic Zone (SEZ) Rules
The government is actively working to expedite new rules for Special Economic Zones (SEZs) to grant manufacturers greater access to the local market. This move is particularly aimed at mitigating the impact of increased US tariffs on Indian exports. The proposed changes would allow SEZ units to conduct reverse job work and sell in Domestic Tariff Areas (DTA), a long-standing demand from sectors like gems and jewellery.
Defence Procurement for Enhanced Lethality
Under the 'Aatmanirbhar Bharat' initiative, the Ministry of Defence (MoD) signed a contract worth ā¹2,095.70 crore with Bharat Dynamics Limited (BDL) for the procurement of INVAR Anti-tank Missiles. These sophisticated laser-guided missiles are intended to significantly enhance the firepower and lethality of the T-90 tank, a mainstay of the Indian Army's Armoured Regiments.
Punjab Implements Amended Bharat Net Scheme
In a notable development for digital infrastructure, Punjab has become the first state to implement the amended Bharat Net Scheme statewide. This initiative is expected to further extend broadband connectivity across rural areas of the state.