This year’s budget provisions like an Export Promotion Mission, Bharat Trade Net and revamped investment policies will empower India’s service sector to compete on a global scale, said the Services Export Promotion Council (SEPC)
SEPC, an export promotion body affiliated to the Union Commerce Ministry, welcomed the budget saying it sees the proposals as a step towards a developed India by 2047.
“The government’s focus on export promotion, digital trade facilitation, and MSME support aligns seamlessly with our vision at SEPC. The establishment of an Export Promotion Mission, Bharat Trade Net, and revamped investment policies will empower Indian service providers to compete on a global scale,” said SEPC chairman Karan Rathore.
“Additionally, initiatives like MUDRA loans for homestays, medical tourism under ‘Heal in India,’ and enhanced support for startups will drive sectoral growth”, he added.
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The Export Promotion Mission is to be collaboratively led by the Ministries of Commerce, MSME, and Ministry of Finances, which is designed to set sector-specific and ministerial targets to invigorate India's export ecosystem. The key feature of this mission is facilitating access to export credit, cross-border factoring support, and assisting MSMEs in navigating non-tariff barriers.
The government has also proposed to launch Bharat Trade Net (BTN) which is a unified digital public infrastructure platform. BTN aims to simplify trade documentation as well as enhance financing solutions.
To attract foreign investment in the Indian market, the finance minister has announced plans to revamp the Model Bilateral Investment Treaty (BIT) which will enhance investor confidence by providing a more predictable and secure investment environment as well as promote sustainable investments.
Support for the MSME and a fund of 250-billion-rupee to develop the shipping industry will also be set up under the ‘Maritime Development Fund’.
The budget proposals including fund allocation could help the services sector grow on a global level. The proposal to set up skill development centres and a ‘Centre of Excellence’ in AI will cover the gap between academic and industrial needs, according to Dhowmya Bhatt, dean at IQAc, SRM Institute.
