Govt to Cover High Certification Costs for Micro and Small Exporters, Says Piyush Goyal Under EPM Initiative.

Commerce and Industry Minister Piyush Goyal announced that the Indian government will fully cover the costs of expensive certifications for micro and small enterprises (MSEs) under the Export Promotion Mission (EPM). This initiative stems from concerns about the high costs faced by Indian exporters, particularly in complying with stringent regulations set by the European Union (EU). The EPM, launched with an outlay of Rs 25,060 crore over six financial years, aims to boost Indian exports by providing financial support through its two sub-schemes: Niryat Protsahan and Niryat Disha.

This development is particularly significant for common citizens and market players, as it lowers the financial barriers to entry for small exporters hoping to access international markets. The government’s commitment to covering certification costs, especially in the face of rising compliance demands from the EU, will likely enhance the competitiveness of Indian products abroad, promoting economic growth. Additionally, MSEs may experience increased confidence in pursuing global opportunities, potentially contributing to job creation and income generation domestically.

In terms of long-term outlook, the focus on supporting MSEs through this initiative suggests a strategic pivot toward strengthening India’s export framework. Policymakers are likely to monitor the effectiveness of these measures closely and may adjust the support framework based on the evolving global trade landscape and compliance requirements. Moving forward, further engagement with exporters, enhanced outreach programs, and continuous evaluations of the EPM could be essential next steps to ensure the initiative yields the intended economic benefits.

Source: The Hindu

(Expert Note: This report was independently prepared by the Wealthova Economy team.)