• India is on the path to cross $800 billion this year with the major share of services exports, Commerce and Industry Minister Piyush Goyal during his address to export promotion councils and industry associations.

• Allaying concerns of the industry over the US tariff threats, Goyal called on the export promotion councils to reflect on their strengths and share their demands and interests with the government for better engagement with the US.

• The US has proposed to impose reciprocal tariffs from April 2. It has already imposed these tariffs on steel and aluminium.

• In the meeting, concerns were expressed about declining exports.

• India’s exports declined for the third month in a row in January, falling by 2.38 per cent year-on-year to $36.43 billion, while the trade deficit widened to $22.99 billion in the month.

• The minister reminded that the Union Budget has provided for the Export Promotion Mission particularly focusing on new products, new markets and new exporters. 

Progress on Free Trade Agreements (FTAs)

The minister highlighted the government’s efforts to negotiate multiple bilateral trade agreements, some of which are in their final stages. These FTAs are designed to create better opportunities for Indian exporters and attract higher investments. Goyal expressed confidence that these agreements will help India expand its presence in new and larger markets.

(The author is a trainer for Civil Services aspirants.)