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The Cabinet chaired by Prime Minister Narendra Modi has approved the Export Promotion Mission, Exporters Guarantee Scheme and Critical Minerals Law Amendment, which will boost the economy.
Many important decisions have been taken in the cabinet meeting held on Wednesday under the chairmanship of Prime Minister Narendra Modi. In the beginning, tribute was paid to the victims of Delhi blast. After this, the government took three major decisions to give new impetus to the country’s economy and exports. Union Minister Ashwini Vaishnav informed about the decisions.
First, the Export Promotion Mission has been approved for Rs 25,060 crore. The aim of this mission is to make India a global manufacturing and export hub. Small and medium industries will also get huge benefits from this, because the export process will be made easy and competitive.
Second, a provision of Rs 20,000 crore has been made under the Exporters Guarantee Scheme, which will provide financial security to exporters and reduce risks in international trade.
Third, amendments to the Critical Minerals Act have been approved. This will help India ensure availability of strategic minerals, which are important for electronics, defense and green energy sectors. The government says that these steps will strengthen India’s economic self-reliance and give impetus to the ‘Make in India’ and ‘Vocal for Local’ missions.
