PM Modi meets exporters to discuss growth strategy
NEW DELHI : Prime Minister Shri Narendra Modi met exporters from various labour-intensive sectors on Monday to discuss ways to increase the country’s exports amidst global uncertainties and US tariff woes.
From the government’s side, Finance Minister Smt. Nirmala Sitharaman, Commerce and Industry Minister Shri Piyush Goyal, Cabinet Secretary TV Somanathan, and secretaries from textiles, commerce and MSME ministries were present in the meeting. Heads of export promotion councils of these sectors also attended the meeting.
“Representatives from various labour intensive sectors, such as apparel, leather, marine, handicrafts, engineering and gems & jewellery attended the meeting. They discussed the issues they faced in the global market, including the hit suffered due to US tariffs, and how the country’s export competitiveness could be enhanced,” sources told .
India’s goods exports growth, which was almost flat in FY25 at $437.42 billion, suffered a new set back in the form of US tariffs of 50 per cent that were imposed in August. As most of India’s competitors, such as Vietnam and Bangladesh, have tariffs of 19-20 per cent in the US, the going is challenging for Indian exporters, especially labour-intensive sectors.
The meeting assumes significance as labour intensive sectors are facing challenges due to a steep 50 per cent tariffs imposed by the US on Indian goods, barring few sectors. Tariffs or import duties play a key role in competitiveness of goods and services.
India and the US are negotiating a bilateral trade agreement.
India’s share in the global trade is about 2 per cent (1.6 per cent in global goods exports and 3.3 per cent in services).
India’s exports grew 6.74 per cent to $36.38 billion in September, while imports jumped 16.6 per cent, widening the trade deficit to $31.15 billion.
Cumulatively, during April-September this year, exports increased by 3.02 per cent to $220.12 billion despite global challenges, while imports rose 4.53 per cent to $375.11 billion, leaving a trade deficit of $154.99 billion.
Source : PTI