In light of global trade uncertainties and the need to enhance export performance, the Indian government is contemplating the establishment of a marketing support fund with an annual budget of ₹1,000 crore (approximately $120 million). This initiative aims to bolster exports, particularly to the United States, as the country navigates potential tariff penalties on Chinese goods [023c065f].
The Commerce Department is currently in discussions with the Finance Ministry to finalize the details of this fund, which is designed to assist exporters in participating in international trade fairs and fulfilling regulatory requirements. The overarching goal is to achieve a $1 trillion export target by 2030 [023c065f].
Despite a challenging export environment, where goods exports declined by 3.11% to $437 billion in 2023-24, there has been a slight recovery with a 2.17% increase in the April-November 2024 period, even as November 2024 saw a 4.8% drop [023c065f]. The Federation of Indian Export Organisations (FIEO) has proposed a focused marketing scheme specifically for the U.S. market, suggesting that an annual budget of ₹250 crore could potentially generate an additional $25 billion in exports [023c065f].
This proposed marketing support fund aligns with broader efforts to enhance India's export capabilities and competitiveness in key markets, particularly in the face of evolving global trade dynamics [023c065f].