India’s export promotion mission was announced in the 2025-26 Union Budget presented by the finance minister with a budget allocation of Rs 2,250 crore. This mission is a major step for India to make its global trade more competitive.
Launched by the Ministry of Housing and Urban Affairs on June 1, 2020, as part of the “Atmanirbhar Bharat Abhiyan” Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi (PM SVANidhi) aimed at empowering and improving the economic conditions of the street vendors that were adversely affected by the COVID-19 pandemic. The need for this scheme arises as India’s street vendor forms an integral part of the urban economy.
The Ministry of Micro, Small and Medium Enterprises (MSME) serves as the cornerstone of India's economic framework, fostering entrepreneurship, employment generation, and industrial growth. The MSME sector is often regarded as the backbone of the Indian economy, contributing nearly 30% to the country’s GDP, 45% of total exports, and providing livelihoods to over 110 million people.
Assorted state governments have been holding investment summits, where chief ministers declare their unstinted support to new business ventures, assorted businessmen turn up to declare their investment plans for the state, and sign memoranda of understanding, hope for a paradigm shift in the local business-smothering culture floats at the venue of the summit, like an evanescent puff of perfume, the assembled scribes write up positive stories, and then, once the photographs have been taken, and the motorcades carrying visiting dignitaries have wound their way to the airport, everyone departs the site of synthetic euphoria, climbing down to their habitual elevations above the mean sea level, back to the principal occupation of humdrum survival.
There were high hopes from the just-presented Union budget 2025-26, given the challenges facing the economy. There have been consistent signs of a slowdown in the economy, rising unemployment and persisting high inflation.
The unemployment rate in the last five quarters, according to the Periodic Labour Force Survey (PLFS), has been hovering around 6.5 per cent of the labour force. This broad fact of the economy is often highlighted by the government to demonstrate that there is no immediate crisis in employment generation.
The Finance Minister could have proposed policies addressing India's urgent challenges, emphasizing strategic autonomy through critical technology advancements, improved education systems, and new urban development.