New Delhi, Nov. 12 -- The Union cabinet on Wednesday approved two major initiatives worth a combined Rs.45,060 crore to strengthen India's export ecosystem and ease liquidity pressures for exporters.

The cabinet cleared the launch of the Credit Guarantee Scheme for Exporters (CGSE) and the Export Promotion Mission (EPM), together marking a significant policy boost for Indian exporters, especially MSMEs (micro, small and medium enterprises).

Under the credit guarantee scheme, the National Credit Guarantee Trustee Co. Ltd will provide 100% credit guarantee coverage to banks and financial institutions for extending additional collateral-free loans of up to Rs.20,000 crore to eligible exporters, including MSMEs.

The scheme is aimed at easi...