Prime Minister Narendra Modi on Thursday said that the latest Union Cabinet decisions will ensure global competitiveness for the Indian exporters, while bolstering sustainability and self-reliance for domestic companies, especially MSMEs.

The Union Cabinet, chaired by PM Modi, on Wednesday approved the Export Promotion Mission (EPM), with an outlay of Rs 25,060 crore, to strengthen India’s export ecosystem. The flagship initiative was announced in the Union Budget 2025-26 to strengthen India’s export competitiveness, particularly for MSMEs, first-time exporters, and labour-intensive sectors.

“Ensuring ‘Made in India’ resonates even louder in the world market! The Union Cabinet approved the Export Promotion Mission (EPM), which will improve export competitiveness, help MSMEs, first-time exporters and sectors that are labour-intensive. It brings together key stakeholders to build a mechanism that is outcome based and effective,” PM Modi said in a post on the X social media platform.

The Cabinet also approved the introduction of the Credit Guarantee Scheme for Exporters for providing 100 per cent credit guarantee coverage to member lending institutions for extending additional credit facilities up to Rs 20,000 crore to eligible exporters, including MSMEs.

“The Credit Guarantee Scheme for Exporters which has been approved by the Cabinet will boost global competitiveness, ensure smooth business operations and help realise our dream of an Aatmanirbhar Bharat,” said the Prime Minister.

In yet another important decision, the Union Cabinet approved the rationalisation of royalty rates for four critical minerals -- graphite, caesium, rubidium, and zirconium. The royalty rates have been specified or revised as follows: caesium and rubidium will each attract a 2 per cent royalty based on the average sale price (ASP) of the respective metal contained in the ore produced.

PM Modi said that this Cabinet decision “will boost sustainability and self-reliance. It will strengthen supply chains and create job opportunities as well”.

An increase in indigenous production of these minerals would lead to a reduction in imports and supply chain vulnerabilities, and also generate employment opportunities in the country.