Union Budget 2025-26 – ‘A big booster for India’s foreign trade sector especially for exports and economic growth’ : President, FIEO
NEW DELHI : 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.