NEW DELHI, Nov. 13 (Xinhua) -- India's federal government on Wednesday approved spending of 5.1 billion U.S. dollars on Export Promotion Mission (EPM) and expansion of Credit Guarantee Scheme for Exporters (CGSE).
The announcement was made by Federal Information Minister Ashwini Vaishnaw, following a government decision during a cabinet meeting chaired by Indian Prime Minister Narendra Modi.
The move involves an outlay of 2.82 billion dollars over six years for EPM to strengthen India's export ecosystem and allocation of 2.25 billion dollars in credit guarantees for bank loans.
The government said EPM marks a strategic shift from multiple fragmented schemes to a single, outcome-based, and adaptive mechanism that can respond swiftly to global trade challenges and evolving exporter needs.
CGSE provides 100 percent credit guarantee coverage by the National Credit Guarantee Trustee Company Limited to member lending institutions for extending additional credit facilities up to 2.25 billion dollars to eligible exporters. ■
