Govt approves policy to double exports

The Maharashtra government has approved a policy to increase the state's exports from 7% to 14% and attract $3.4bn in foreign direct investment. The policy aims to raise exports from $72bn to $150bn, develop export-oriented infrastructure, and achieve a 22% share in the country's $1tn export target by 2030. The government will provide financial assistance for export-oriented projects and industrial parks, as well as incentives such as insurance cover and interest subsidy for MSMEs. The policy also incorporates incentives from the central government's Production Linked Incentive schemes.

Mumbai: The Maharashtra government on Wednesday approved a comprehensive policy for export promotion, which aims to increase the state’s exports from the current 7% to 14%. The policy also hopes to attract foreign direct investment to the tune of ₹25,000 crore and generate 40,000 jobs.

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“The five-year policy has been formulated to raise the state’s exports from $72 billion to $150 billion, develop 30 export-oriented infrastructure development projects and achieve 22 percent share in the proposed target of $1 trillion export by 2030,” said a senior official from state industries department.

As per the policy cleared by the state cabinet on Wednesday, the state government will provide financial assistance of up to ₹50 crore for export-oriented projects and ₹100 crore for export-oriented industrial parks. The policy also includes insurance cover, interest subsidy and export promotion subsidy for MSMEs with capacity for exports.

The central government has also announced Production Linked Incentive (PLI) schemes for 14 key sectors to enhance the country’s manufacturing capabilities and exports. The schemes offer incentives such as electricity tariff waiver, employee provident fund and special capital subsidy, which have also been made part of the export promotion policy.