Jerusalem | The guidelines for the Rs 25,060-crore Export Promotion Mission (EPM) are likely to be released from next week, detailing its components and benefits for the industry, Commerce and Industry Minister Piyush Goyal said.

The government, on November 12, approved the EPM with an outlay of Rs 25,060 crore for six financial years, beginning 2025-26, to help exporters deal with high tariffs imposed by the US.

The mission will be implemented through two sub-schemes -- Niryat Protsahan (Rs 10,401 crore) and Niryat Disha (Rs 14,659 crore).

"The guidelines for the export promotion mission will be released soon. I think the details, including its elements and how the industry can benefit from it, will be released next week," he told PTI.

Under the Export Promotion Mission, priority support will be extended to sectors impacted by recent global tariff escalations, such as textiles, leather, gems and jewellery, engineering goods, and marine products.

These sectors are facing challenges in the US market. Due to the high import duties, India's merchandise exports to the US declined 8.58 per cent to USD 6.3 billion in October.

The US has imposed a steep 50 per cent tariff on Indian goods from August 27. Meanwhile, the two countries are negotiating a bilateral trade agreement.

On the export dip to the US, Goyal said there was a decline in 3-4 sectors, and the ministry is working to help exporters in trade diversification.

Citing an example of shrimp, he said the European Union has approved an additional 108 domestic fishery units for the supply of marine products to the EU.

Russia is also approving 25 Indian fishery units.

"A big delegation from Russia is also coming on December 5. So, in different ways, we are working to support the affected sectors," Goyal said.

The minister is in Israel to meet leaders and businesses to discuss ways to boost bilateral trade and investments. He is leading a 60-member business delegation.

Under Niryat Protsahan of the EPM, focus will be on improving access to affordable trade finance for MSMEs through a range of instruments, such as interest subvention, export factoring, collateral guarantees, credit cards for e-commerce exporters, and credit enhancement support for diversification into new markets.

Similarly, under Niryat Disha, the funds will be used for non-financial enablers, such as assistance for international branding, packaging, and participation in trade fairs, export warehousing and logistics, inland transport reimbursements, and trade intelligence and capacity-building initiatives.

India's exports contracted 11.8 per cent to USD 34.38 billion in October on account of the impact of high tariffs by the US, while the trade deficit widened to a record high of USD 41.68 billion, mainly due to a jump in gold imports.

According to government data released, the country's imports jumped 16.63 per cent to an all-time high of USD 76.06 billion due to high inbound shipments of the yellow metal, silver, cotton raw/waste, fertiliser, and sulphur.

During April-October this fiscal year, exports increased marginally by 0.63 per cent to USD 254.25 billion, and imports rose 6.37 per cent to USD 451.08 billion.

Merchandise trade deficit during April-October 2025 was USD 196.82 billion as compared to USD 171.40 billion in the same period during April-October 2024.

Key segments, including engineering goods, petroleum products, gems and jewellery, apparel and textiles, organic and inorganic chemicals, pharmaceuticals, and plastic goods, witnessed noticeable contraction, weighing down the overall export performance.

Handicrafts, carpet, leather, iron ore, tea, rice, tobacco, spices and oil meals, too, recorded negative growth in exports in October.

The US has imposed hefty 50 per cent tariffs on Indian goods, which are impacting the country's exports.