In a significant move to bolster its export sector, the Indian government has unveiled a comprehensive relief package exceeding $5 billion. Announced late on Wednesday and approved by the federal cabinet chaired by Prime Minister Narendra Modi, the initiative aims to mitigate the adverse effects of US-imposed tariffs and strengthen India’s export ecosystem. The package includes collateral-free loans worth $2.3 billion and a six-year disbursement of $2.82 billion through the Export Promotion Mission (EPM), a program designed to enhance export competitiveness, particularly for micro, small, and medium enterprises (MSMEs), first-time exporters, and labor-intensive sectors. Information and Broadcasting Minister Ashwini Vaishnaw emphasized that the EPM represents a strategic shift from fragmented schemes to a unified, outcome-based mechanism capable of swiftly addressing global trade challenges and evolving exporter needs. The move comes as Indian exporters grapple with a 50 percent tariff imposed by the US, including a 25 percent punitive levy over India’s purchase of Russian oil, which has significantly impacted sectors like textiles, jewelry, leather goods, and chemicals. Industry leaders and trade organizations have welcomed the relief measures, with the Federation of Indian Export Organisations President SC Ralhan praising the EPM for its pragmatic and forward-looking vision. Similarly, the Confederation of Indian Textile Industry Chairman Shri Ashwin Chandran highlighted the potential for the textile and apparel sector to become globally competitive and create better-quality jobs. The timing of the package is particularly crucial for the seafood industry, which is facing its most challenging phase, according to Seafood Exporters Association of India President Pawan Kumar G. While the EPM is seen as a positive step, its success will hinge on the swift issuance of detailed guidelines, adequate funding, and robust coordination mechanisms, as noted by Global Trade Research Initiative founder Ajay Srivastava. Meanwhile, US President Donald Trump has indicated that his administration is working on a ‘very different deal’ with India, signaling ongoing negotiations between the two nations.