Prime Minister Narendra Modi is set to meet exporters from key labour-intensive sectors including leather industry on Monday to discuss ways to strengthen India’s position in global trade, according to industry representatives.
The meeting will bring together heads of export promotion councils from sectors such as apparel, leather, gems and jewellery, handicrafts, engineering, and seafood. These industries play a crucial role in job creation and export earnings for the country.
The discussions come at a critical time as several Indian goods are facing steep 50% tariffs in the United States, which has affected their competitiveness in international markets.
Exporters believe that lowering trade barriers and improving logistics support could help regain lost momentum.
India and the US are currently negotiating a bilateral trade agreement aimed at easing trade restrictions and promoting investment flows.
The outcome of these talks could have a significant impact on sectors that rely heavily on exports to the US and Europe.
India’s share in global trade stands at around 2%, with 1.6% in goods exports and 3.3% in services. In September, exports grew 6.74% to $36.38 billion while imports increased sharply by 16.6%, widening the trade deficit to $31.15 billion.
For the April to September period, exports rose 3.02% to $220.12 billion despite global economic pressures. Imports climbed 4.53% to $375.11 billion, resulting in a trade deficit of $154.99 billion.
Source: – Business Standard, The Economic Times
