NEW DELHI: Union commerce minister Piyush Goyal on Wednesday complimented Indian exporters for reaching the very best ever exports of over $820 billion in 2024-25, recording almost 6% year-on-year development, an official assertion stated.
Piyush Goyal assured exporters that the Indian “team is working with speed but not in undue haste to ensure the right outcome for the country”. (X/PiyushGoyal)
It stated Goyal talked about the determine whereas discussing the rising commerce state of affairs after the US imposed reciprocal tariffs on a number of international locations, together with India with Export Promotion Councils (EPCs) and business our bodies.
“The meeting was called to deliberate on the impact as well as opportunities arising out of the evolving and very dynamic scenarios and to apprise the industry and trade about the steps being taken by the government,” the commerce ministry stated within the assertion.
Goyal assured them that the federal government was working in a proactive method and exploring options.
“The team working on BTA (Bilateral Trade Agreement) is exploring the right mix and the right balance and he exhorted the exporters to not panic and look at the silver lining in the present scenario. He assured that the team is working with speed but not in undue haste to ensure the right outcome for the country,” it added.
He stated there’s a potential for improve in manufacturing, creation of extra jobs as a result of it might probably appeal to huge gamers within the international provide chain as India has been capable of set up itself as a trusted and dependable accomplice and a predictable enterprise pleasant vacation spot.
Folks current within the assembly stated on situation of anonymity that the 26% extra tariff imposed on India is considerably decrease compared to India’s rivals comparable to China, Vietnam, Bangladesh and Sri Lanka, therefore Trump’s tariff transfer may additionally present alternatives, offered India was nicely ready to encash them.
Through the assembly, Goyal additionally apprised the exporters relating to discussions with the US for a mutually useful multi-sectoral BTA, which has been ongoing as a result of foresight of Prime Minister Narendra Modi who was one of many first international leaders to agree on the BTA in his assembly with President Trump on February 13, 2025.
The minister assured the exporters that the federal government will work to supply a conducive setting to allow them to efficiently navigate the latest adjustments within the international commerce setting, the assertion stated.
Goyal praised the business for exceptional export efficiency regardless of a number of headwinds, together with the Pink sea disaster, Israel-Hamas battle spilling over to the Gulf area, continuation of Russia-Ukraine battle and sluggish development in some developed economies.