The Ministry of Commerce is also forming a work group to help exporters to help exporters to explore new markets as well as a possible increase in imports from countries like China. A source gave this information on Monday.
The source said that the Ministry of Commerce is also accelerating at the beginning of its export promotion mission to support exporters to provide loans at cheaper rates. Apart from this, talks are also going on with the European Union, Oman, New Zealand and Britain regarding the proposed free trade agreements (FTAS). The Ministry has also directed the concerned authorities to organize a series of bilateral meetings with 20 marked countries like Australia, Brazil, China and France to promote exports from India. Countries marked for export incentive include Australia, Brazil, Bangladesh, China, France, Germany, Indonesia, Italy, Japan, Netherlands, Russia, Singapore, South Africa, Saudi Arabia, South Korea, Turki, United Arab Emirates, Britain, America and Vietnam. These countries have immense opportunities for Indian exporters.
These developments have come to light at a time when exporters and industries have predicted losses due to the US imposing an additional 26 percent import duty on India. The government is preparing plans to provide loans to MSME exporters on easy terms, strengthen factoring services for them to promote alternative funding tools and provide assistance to deal with non-fee steps of other countries. These schemes are working on these schemes, Commerce, Micro, Small and Medium Enterprises (MSMEs) and Ministry of Finance. These schemes are being prepared under the Export Promotion Mission announced in the Union Budget of FY 2025-26. The government had announced to launch an export promotion mission with a outlay of Rs 2,250 crore to promote the country’s exports in the budget. The industry has also expressed concern that countries like China can take their surplus exports towards India. China is facing 54 percent fees in the US.
Sources said that the Directorate General of Trade Treatment (DGTR), the investigation branch of the Ministry of Commerce, has been asked to focus on such imports. In FY 2023-24, the US was India’s largest trading partner with bilateral trade of goods worth $ 119.71 billion. China was India’s second major trading partner with a trade of $ 118.39 billion. America contributes about 18 percent to India’s total goods exports, 6.22 percent in imports and 10.73 percent in bilateral trade. On the other hand, China’s stake in Indian exports is about four percent and 15 percent in imports.
(With agency input)
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First Published – April 7, 2025 | 8:47 pm IST
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