In a strategic move to enhance India’s global trade standing, the government has announced a series of measures aimed at promoting exports, as part of the Union Budget 2025. Finance Minister Nirmala Sitharaman outlined a comprehensive plan that includes setting up digital infrastructure, improving sectoral support, and incentivizing voluntary compliance in international trade.
One of the flagship initiatives is the establishment of a digital public infrastructure called ‘Bharat Trade Net’ (BTN). This unified platform will streamline trade documentation and provide financing solutions for exporters, ensuring easier access to global markets. BTN is designed to align with international standards, complementing the already existing Unified Logistics Interface Platform, which aims to enhance logistics efficiency across the country. By providing an integrated solution for both documentation and financing, BTN is expected to reduce complexities in international trade.
Global Capability Centres
The government also introduced a major push for the creation of Global Capability Centres (GCCs) in Tier 2 cities. A National Framework for promoting these centres will be rolled out, offering guidance to states for establishing GCCs in emerging urban hubs, broadening India’s economic footprint beyond major metropolitan areas. This move is expected to provide significant employment opportunities and foster local industrial growth, contributing to the overall export growth.
Additionally, the government has committed to upgrading air cargo infrastructure, including warehousing for high-value perishables like horticultural produce. With global demand for such goods on the rise, this initiative is poised to support the seamless transportation of India’s exports, particularly in the agri-food sector.
To further promote exports, the government has extended the export time period for handicrafts from six months to one year, providing more flexibility for artisans and small-scale exporters. This extended window aims to bolster India’s handicraft export sector by giving traders more time to complete shipments and navigate international markets.
In a bid to improve compliance, the Budget also introduces a provision that allows importers and exporters to voluntarily declare material facts and pay duties with interest, but without penalties. This measure aims to encourage self-regulation and transparency within the industry, offering an incentive for businesses to remain compliant with trade regulations.
Rs 2,250 Cr Export Promotion Mission Launched
The establishment of an Export Promotion Mission with an outlay of Rs 2,250 crore marks another major step. The mission, driven by the Ministries of Commerce, MSME, and Finance, will focus on supporting small and medium enterprises (SMEs) and addressing non-tariff barriers in international markets. With sectoral and ministerial targets, the mission will facilitate easier access to export credit and provide support for MSMEs in overcoming challenges in global markets.
These efforts collectively underline the government’s commitment to strengthening India’s export sector and boosting its competitiveness in the global economy. As the world looks to India as a key player in international trade, these measures are expected to lay the foundation for sustainable growth in exports, creating new avenues for businesses across various sectors.
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