New Delhi

Union Home Minister Amit Shah on Thursday hailed the Union Cabinet's approval of two schemes worth Rs 45,000 crore to help exporters, which were hit by high US tariffs.

Shah said India's export sector is reinforced with a new support system, as the Rs 25,060-crore ‘Export Promotion Mission’ has been approved by the Union Cabinet.

"The decision is a firm step towards Prime Minister Narendra Modi's vision for making the sector more competitive through globalising Indian products while unleashing a wide range of employment opportunities for youth," he said.

The home minister also said the Cabinet has approved the Credit Guarantee Scheme for Exporters (CGSE), offering Rs 20,000 crore collateral-free credit with a 100 per cent guarantee by the National Credit Guarantee Trustee Company.

"This landmark step will boost liquidity, empower MSMEs, and accelerate Bharat's march towards the USD 1 trillion export target — a decisive stride towards 'Atmanirbhar Bharat'," he said.

The Export Promotion Mission seeks to strengthen India's export competitiveness, particularly for MSMEs, first-time exporters, and labour-intensive sectors. The CGSE will ensure collateral-free credit support for exporters to help tide over global market disruptions.

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The decisions were taken at the Cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday.