News Brief
India Targets 20 Key Nations To Expand Exports Across Six Focus Sectors
Commerce Minister Piyush Goyal
The Ministry of Commerce is eyeing 20 key nations to boost exports of goods and services from India.
Senior officials from the commerce ministry, and commercial wings of Indian Missions of 20 countries are holding a three-day meet from today (6 January) to discuss ways to promote exports of goods and services to devise strategies for boosting exports of goods and services.
The initiative is aimed at addressing opportunities, challenges, and barriers across six focus sectors in these nations.
Commerce and Industry Minister Piyush Goyal is set to interact with these representatives on 6 January, providing strategic insights and guidance.
Key discussion points during the meeting include non-tariff barriers, logistics optimisation, WTO-related issues, and the effective implementation of the Market Access Initiative (MAI).
The Commerce Ministry is actively formulating a roadmap to enhance exports in six critical product categories, such as engineering goods and electronics, targeting major trade partners including the United States (US), Australia, France, China, Russia, the United Kingdom (UK), Japan, South Korea, Singapore, and Indonesia.
India's export performance showed mixed trends in recent months. While exports experienced double-digit growth in October 2024, November recorded a 4.85 per cent contraction year-on-year, totalling $32.11 billion.
Meanwhile, imports surged by 27 per cent, reaching a record $69.95 billion, driven by increased inbound shipments of gold, vegetable oil, fertilisers, and silver. This led to a historic trade deficit of $37.84 billion in November.
Cumulatively, exports during April-November 2024 rose by 2.17 per cent to $284.31 billion, while imports grew by 8.35 per cent to $486.73 billion, widening the trade deficit to $202.42 billion compared to $170.98 billion in the same period last year.
Commerce Secretary Sunil Barthwal emphasised that the ministry is prioritising targeted sectors, including IT/ITeS, to enhance India’s export competitiveness in global markets.
