India is a trusted and reliable partner, says Goyal
Commerce and Industry Minister Piyush Goyal has apprised exporters regarding discussions with the US for a mutually beneficial multi-sectoral Bilateral Trade Agreement (BTA), and assured that the negotiating team is exploring the right mix and the right balance for the trade pact https://www.commerce.gov.in/.
He also assured that the Government is working in a proactive manner and exploring solutions which are in the best interest of the nation.
He told exporters not to panic and look at the silver lining in the present scenario for the BTA team is working with speed but not in undue haste to ensure the right outcome for the country https://fieo.org/.
Further, the Minister discussed emerging trade scenario with the Export Promotion Councils and Industry Bodies in New Delhi.
The meeting was called on 9 April to deliberate on the impact of new US tariffs as well as opportunities arising out of the evolving and very dynamic scenarios globally and to apprise the industry and trade about the steps being taken by the Government.
The Minister said that different countries are approaching the tariff imposition in a different manner https://www.nseindia.com/.
However, as far as India is concerned, there is a potential for increase in manufacturing, creation of additional jobs because it can attract big players in global supply chain. India, highlighted, has been able to establish itself as a trusted and reliable partner and with a predictable business friendly destinationhttps://www.bseindia.com/.
Goyal also complimented the industry for achieving the highest ever export volume of US$820 billion in the fiscal 2024-25 which is nearly 6% growth over previous fiscal year.
In spite of multiple headwinds including the red sea crisis, Israel-Hamas conflict spilling over to Gulf region, continuation of Russia-Ukraine conflict and slow growth in some developed economies, the Minister lauded the exporters for their resilience and efforts https://sbi.com.in/.
Goyal has assured the exporters that the Government will work to provide a conducive environment to enable them to successfully navigate the recent changes in the global trade environment.
Various Export Promotion Councils, representing a wide array of sectors, presented their views and outlook in light of the emerging challenges in global trade and requested the government to take proactive measures to support the export industry in these challenging times. Fiinews.com
