New Delhi witnessed a major step forward for India’s small businesses on Friday as Commerce and Industry Minister Piyush Goyal unveiled seven groundbreaking initiatives under the Export Promotion Mission. This ambitious government program is laser-focused on empowering Micro, Small, and Medium Enterprises (MSMEs) to compete fiercely on the world stage.
These interventions tackle head-on the biggest hurdles Indian exporters face, from accessing finance to navigating complex international regulations. By fostering inclusive growth, the mission aims to propel India toward becoming a global export powerhouse, ensuring benefits reach every corner of the economy.
Speaking at the launch, Goyal emphasized India’s growing confidence in engaging with developed economies. ‘We’re safeguarding sensitive sectors while securing advantages in competitive ones,’ he said. The goal is clear: make global trade opportunities accessible to every MSME, startup, and entrepreneur.
The Export Promotion Mission prioritizes onboarding new products, services, and exporters while opening doors to untapped markets. Early signs are promising—India’s merchandise exports surged in double digits in the first half of February, signaling strong market trust and industry momentum.
Key features include streamlining processes for MSMEs, enhancing credit access, bolstering quality standards, and aiding compliance with global norms. Logistics and warehousing will see major upgrades, with initiatives like ‘India Mart’ in Dubai providing strategic gateways to GCC countries, Africa, Central Asia, and Europe.
Integrating financial aid under ‘Export Incentive’ and business support via ‘Export Direction,’ the mission employs a digital monitoring framework. It’s a collaborative effort involving the Commerce Ministry, MSME Ministry, Finance Ministry, EXIM Bank, CGTMSE, NCGTC, banks, overseas missions, and industry bodies.
These moves address structural pain points: high capital costs, limited trade finance, regulatory complexities, logistics bottlenecks, and market entry barriers. Goyal highlighted how India’s expanding Free Trade Agreements (FTAs)—nine in total, including the first phase with the US—grant access to 70% of global GDP and two-thirds of world trade across 38 economies.
As India forges ahead, these initiatives promise to transform MSMEs into global players, driving sustainable export growth and economic resilience.