Meeting of Commerce Ministry and Indian Missions
Senior officials from the commerce ministry, along with representatives from the commercial wings of Indian Missions in 20 countries, are set to hold a three-day meeting to discuss strategies for enhancing the export of goods and services.
Participants and Schedule
- Commerce and Industry Minister Piyush Goyal will interact with the representatives.
- The meeting will address both opportunities and challenges faced in significant countries.
Key Discussion Topics
- Opportunities and challenges in six focus sectors for goods and services.
- Non-tariff barriers impacting trade.
- Logistics issues related to export and import.
- World Trade Organization (WTO) matters.
- The importance of the Market Access Initiative (MAI).
Export Strategy
- Focus on six key product categories, including engineering goods and electronics.
- Targeted 20 countries: US, Australia, France, China, Russia, UK, Japan, South Korea, Singapore, and Indonesia.
- These countries represent a significant portion of India's total exports.
Participants
- Commerce Secretary.
- Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) .
Export and Import Data
- October 2024 showed double-digit growth in exports.
- November exports contracted by 4.85% year-on-year to USD 32.11 billion.
- Trade deficit reached an all-time high of USD 37.84 billion due to gold imports surge.
- Imports rose 27% year-on-year to a record USD 69.95 billion in November.
- Cumulative data (April-November): Exports rose 2.17% to USD 284.31 billion; imports increased by 8.35% to USD 486.73 billion.
- Trade deficit widened to USD 202.42 billion from USD 170.98 billion (April-November 2023).
Focus Areas for Boosting Shipments
- Targeting 20 countries and six service and manufacturing sectors, including IT/ITeS.
- Services exports reached an all-time high of USD 34.31 billion in October, marking a 22.3% increase year-on-year.