Union Commerce and Industry Minister Piyush Goyal on Friday chaired a productive Board of Trade meeting with States, Union Territories, industry leaders, trade bodies, and senior officials, focusing on strengthening India's export momentum and manufacturing ecosystem. Goyal expressed strong optimism about India's export prospects, projecting merchandise exports to grow by 17% and services exports by around 11% this year. He said the government remains committed to crossing the one-trillion-dollar export mark this year, noting that data through June already shows exports growing at roughly 15% in the first quarter.
FTAs and Market Access
Goyal credited this momentum partly to Free Trade Agreements (FTAs) that India has signed with various nations, which have opened access to markets across 38 developed countries. He described these partnerships as complementary rather than competitive, pointing to recent discussions with Japan's Prime Minister as well as talks with Greece and the UK. The minister elaborated on the need to strengthen export competitiveness by improving logistics and supply chains, reducing trade costs, unlocking district-level potential, and further enhancing ease of doing business while fostering stronger collaboration between the Centre and States to create greater opportunities for enterprises and MSMEs.
Support for Exporters and MSMEs
Goyal laid out a broader support agenda for exporters, particularly small and medium enterprises. Regulatory support includes government assistance for securing international approvals such as pharma, agricultural, and DBT clearances, with financial backing available for compliance with regulations in developed markets like the EU. He called for state governments to harmonize their industrial policies and incentives with central schemes to build economies of scale.
The Directorate General of Trade Remedies (DGTR) was highlighted as a resource for domestic industries facing injury from predatory pricing or dumping by foreign competitors, offering tools such as anti-dumping duties and safeguard measures. Goyal also pushed for import substitution, identifying products currently imported that could be competitively manufactured in India, aimed at strengthening supply chain security and reducing foreign exchange outflows.
Global Outreach and Viksit Bharat 2047
An appeal was made to states to mobilize local business associations, citing a target of engaging around 1,600 associations nationwide to participate in international trade delegations and exhibitions, with government support available for MSMEs unable to afford overseas travel. Goyal closed on an aspirational note, framing collective efforts between industry and state leadership as central to realizing 'Viksit Bharat 2047,' India's vision for a developed nation by its 100th year of independence, calling it a shared responsibility of the country's 1.4 billion citizens.
