India, Nov. 13 -- The Union cabinet on Wednesday approved a Rs.45,060 crore-package, including a Rs.25,060 crore Export Promotion Mission proposed in the Union budget, that aims to provide liquidity support to small and medium enterprises and help exporters tide over global headwinds such as high US tariffs.

The cabinet chaired by Prime Minister Narendra Modi has approved a "new and comprehensive" Export Promotion Mission (EPM) to promote the "complete export ecosystem" worth Rs.25,060 crore, information and broadcasting minister Ashwini Vaishnaw said in a briefing. It has also approved a Rs.20,000 crore-credit guarantee scheme, he said, adding that the scheme aims "to support our exporters in the current situation" as global trade has b...