Piyush Goyal chaired a Board of Trade meeting, projecting India's merchandise exports to grow by 17% and services by 11%. He expressed confidence in crossing the $1 trillion export mark, citing the crucial role of Free Trade Agreements.
Union Commerce and Industry Minister Piyush Goyal on Friday chaired a productive Board of Trade meeting with States and Union Territories, industry leaders, trade bodies, and senior officials, holding extensive discussions on strengthening India's export momentum and manufacturing ecosystem.
Addressing the gathering, Goyal expressed strong optimism about India's export prospects, projecting merchandise exports to grow by 17 per cent and services exports by around 11 per cent this year. He said the government remains committed to crossing the one-trillion-dollar export mark this year, noting that data through June already shows exports growing at roughly 15 per cent in the first quarter. He credited this momentum partly to Free Trade Agreements (FTAs) which India has signed with various nations, that has opened access to markets across 38 developed countries. He described these partnerships as complementary rather than competitive, pointing to recent discussions with Japan's Prime Minister as well as talks with Greece and the UK.
Strengthening Export Competitiveness
The minister elaborated on the need to strengthen export competitiveness by improving logistics and supply chains, reducing trade costs, unlocking district-level potential, and further enhancing ease of doing business while fostering stronger collaboration between the Centre and States to create greater opportunities for enterprises and MSMEs. He said that with the government's reforms creating new opportunities and FTAs opening new markets, industry and government must work together to expand the global footprint of Indian businesses and accelerate India's journey toward becoming a leading global trade and manufacturing hub.
Support Agenda for Exporters
Goyal also laid out a broader support agenda for exporters, particularly small and medium enterprises:
Regulatory support
Government assistance for securing international approvals including pharma, agricultural and DBT clearances with financial backing available for compliance with regulations in developed markets like the EU.
State alignment
A call for state governments to harmonize their industrial policies and incentives with central schemes to build economies of scale.
Anti-dumping protections
The Directorate General of Trade Remedies (DGTR) was highlighted as a resource for domestic industries facing injury from predatory pricing or dumping by foreign competitors, offering tools such as anti-dumping duties and safeguard measures.
Import substitution
A push to identify products currently imported that could be competitively manufactured in India, aimed at strengthening supply chain security and reducing foreign exchange outflows.
Global outreach
An appeal to states to mobilize local business associations citing a target of engaging around 1,600 associations nationwide to participate in international trade delegations and exhibitions, with government support available for MSMEs unable to afford overseas travel.
Vision for Viksit Bharat 2047
Goyal closed on an aspirational note, framing collective efforts between industry and state leadership as central to realizing "Viksit Bharat 2047," India's vision for a developed nation by its 100th year of independence, calling it a shared responsibility of the country's 1.4 billion citizens. (ANI)
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