Government officials and industry leaders to convene to address export challenges

On January 16, a crucial meeting is scheduled to take place where representatives from the central government, state governments, and industry stakeholders will gather to discuss strategies to enhance India’s exports. The meeting, chaired by Commerce and Industry Minister Piyush Goyal, will involve members of the Board of Trade (BoT), including over 135 participants.

Key issues expected to be addressed in the meeting encompass challenges related to rupee payments, the global shipping requirement, and difficulties faced by traders due to the Red Sea crisis. Additionally, discussions will revolve around the uncertainties arising from the Russia-Ukraine war and the Israel-Hamas conflict, impacting the global economic situation.

The BoT, led by the minister and featuring representatives from states, Union Territories, and officials from both public and private sectors, serves as a platform for regular consultations on trade and industry matters. Export promotion councils will present their perspectives on the export sector during the meeting.

The board plays a crucial role in advising the government on foreign trade policy measures and allows state governments, Union Territories, and the central government to share their viewpoints on trade policy and international developments affecting India’s trade potential.

Notably, India’s merchandise exports from April to November 2023-24 contracted by 6.51% to $278.8 billion. Imports also saw a decline of 8.67% to $445.15 billion during the same period, primarily due to reduced oil imports. The trade deficit for the eight-month period stood at $166.35 billion, compared to $189.21 billion in the corresponding period last year.

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