The government plans to announce support measures under the Export Promotion Mission as early as next week for small businesses struggling to absorb 50% US tariffs, according to Union commerce minister Piyush Goyal. The interest subvention and Market Access Initiative schemes will be rolled out next week, the minister said after the fourth meeting of the reconstituted Board of Trade (BoT) in New Delhi on Tuesday. The government covers part of the interest on export credit through interest subvention, allowing micro, small, and medium enterprises (MSMEs) to access cheaper loans. The Market Access Initiative funds marketing, branding and overseas promotion activities to help exporters reach new markets. The Export Promotion Mission will introduce targeted schemes to support landlocked and smaller states, and the Centre and states must work together to expand export capacity, Goyal said, while briefing about the discussions during the meeting, which was broadcast on his YouTube channel.

The MSMEs have sought urgent relief to prevent order cancellations and cash-flow stress after US president Donald Trump imposed the highest 50% tariff on India, including a 25% penalty for buying Russian crude. The two nations are negotiating a bilateral agreement. At the BoT meeting, several industry bodies told Goyal that restarting interest-subvention and market-support programmes quickly is crucial for labour-intensive sectors such as textiles, leather, handicrafts and pharmaceuticals, where smaller firms have been hit the hardest. "The rollout of both the schemes will be very helpful for the MSME sector. We hope to get further clarity in the days to come. Clarity on eligibility, timelines and disbursal mechanisms will be crucial for exporters, especially in the last quarter of the year," said Pankaj Chadda, chairman, Engineering Export Promotion Council.

Vinod Kumar, President, SME Forum, said the MSMEs are under severe pressure after the 50% US tariffs, and the delay in support schemes has added to their stress. "The quick rollout of interest subvention and MAI programmes will give much-needed breathing space, but exporters also need clarity on eligibility and timelines," said Kumar, adding that smaller firms require easier access to credit, faster documentation support and lower logistics costs to stay competitive in global markets.

Goyal said the government will continue to examine practical suggestions from industry on what more can be done to stabilise export flows at a time of global volatility. Commerce Secretary Rajesh Agarwal, while briefing on the discussions, said that MSME exporters also suggested that the ministry explore whether the Directorate General of Foreign Trade (DGFT) could provide legal, compliance, and documentation support to smaller firms, as regulatory requirements across markets are becoming increasingly complex.