Union Budget 2025-26:
A Big Booster for India's Foreign Trade Sector especially for Exports and
Economic Growth: Mr Ashwani Kumar, President, FIEO
Hailing the Union Budget 2025-26,
presented by the Union Finance Minister, Ms Nirmala Sitharaman, FIEO President,
Mr Ashwani Kumar said that the Budget has unveiled a series of strategic
initiatives aimed at bolstering India's foreign trade sector especially
exports, accelerating manufacturing growth, strengthening infrastructure, and
generating employment opportunities. The budget's focus on these key areas is
expected to significantly enhance India's global competitiveness and drive
sustainable economic development.
FIEO Chief added that a dedicated
Export Promotion Mission will be established to streamline export procedures,
facilitate access to credit for exporters, and address non-tariff barriers in
overseas markets. This initiative will particularly benefit MSMEs, which play a
crucial role in India's export landscape. Investments in port modernization,
logistics infrastructure, and digital trade platforms will reduce transaction
costs and improve the efficiency of cross-border trade. Further Simplification
of Customs Procedures announced in the Budget, will simplify customs clearance
processes and reduce compliance burden and will further enhance ease of doing
business for exporters and importers said Mr Ashwani Kumar.
Boosting Manufacturing and
Infrastructure through continued support for PLI schemes in key sectors, will
attract investments, enhance domestic manufacturing capacity and integrate
Indian industries into global value chains, said FIEO President. Increased
allocation for infrastructure projects, including railways, roads, and
renewable energy, will create a robust foundation for industrial growth and
enhance connectivity for trade.
Initiatives to enhance skill
development and vocational training will equip the workforce with
industry-relevant skills, improving employability and supporting the growth of
export-oriented sectors. Measures to promote MSMEs, including access to finance
and technology upgrades, will also foster entrepreneurship and create
employment opportunities, particularly in rural and semi-urban areas, further
adds Mr Kumar.
Announcement of focus product scheme to
enhance the productivity, quality and competitiveness of India’s footwear and
leather sector will support design capacity, component manufacturing, and
machinery required for production of non-leather quality footwear, besides the
support for leather footwear and products. Further to make India a global hub
for toys, a scheme has also been announced to focus on development of clusters,
skills, and a manufacturing ecosystem that will create high-quality, unique,
innovative, and sustainable toys that will represent the 'Made in India' brand.
Another key initiative of introducing Bharat
Trade Net: A unified digital platform, to be developed will streamline export
documentation processes. This platform is also expected to reduce
administrative burdens, increase efficiency, and promote transparency in trade
operations.
Facilitation of Shipbuilding Clusters
to increase the range, categories and capacity of ships with additional
infrastructure facilities, skilling and technology to develop the entire
ecosystem will not only improve overall infrastructure and logistical support
for the export sector, but will also help the country in saving a huge amount
of forex remitted in USD to foreign shipping lines.
President, FIEO has also reiterated
that the Union Budget 2025-26 has laid a strong foundation for India's economic
growth by focusing on key drivers such as foreign trade, manufacturing,
infrastructure and job creation. The initiatives announced are expected to
enhance India's global competitiveness, attract investments, and generate
employment opportunities, contributing to the nation's vision of becoming a
global economic powerhouse.
President FIEO suggested that as the
Commerce Ministry has allocated funds under the Export Promotion Schemes of Rs
2250 Cr covering Interest Equalisation and MAI etc., the IES may be extended
immediately with effect from 1.1.2025 with a cap of Rs10 Cr and international
events for 2025-26 may be approved immediately.
