Key stakeholders from the Centre, state governments, and industry representatives will convene on January 16 to discuss strategies aimed at enhancing India’s exports.
The upcoming meeting, which Commerce and Industry Minister Piyush Goyal will chair, will address pressing issues, including the obstacles concerning rupee payment challenges, the necessity for global shipping, and the difficulties faced by traders due to the Red Sea crisis. Moreover, discussions will also revolve around the uncertain global economic situation resulting from the Russia-Ukraine war and the Israel-Hamas conflict.
The board meeting, scheduled to take place at Bharat Mandapam, will involve more than 135 members of the Board of Trade (BoT). Comprising representatives from various states, Union Territories, and senior officials from both public and private sectors, the BoT aims to provide a platform for regular consultations and discussions between the government and trade and industry. It serves to advise the administration on foreign trade policies and allows state governments and Union Territories to put forth their perspectives on trade policy.
Amidst the challenging economic climate, India’s merchandise exports have experienced a contraction of 6.51% from April to November 2023-24, reaching a total of USD 278.8 billion. Imports have also dwindled, falling 8.67% to USD 445.15 billion during the eight months, primarily due to reduced oil imports. As a result, the trade deficit stood at USD 166.35 billion, lower than the USD 189.21 billion recorded during the corresponding period last year.
The forthcoming meeting signifies the determination of the Indian government to address the impediments hindering the country’s export growth
