Revamping India's Trade: Goyal Calls for Boost in Domestic Manufacturing

Commerce and Industry Minister Piyush Goyal on Monday urged industry leaders and exporters to amplify domestic manufacturing capacity, diversify supply chains, and diminish reliance on imports.

During a high-stakes meeting with government officials, export promotion councils, and industry representatives, Goyal reaffirmed the government's commitment to fostering a trade-friendly environment through eased business processes and expanded market opportunities for exporters.

Significant attention was given to current and future Free Trade Agreements (FTAs), exploring their challenges and potential. Proposed reforms for Special Economic Zones were also discussed, highlighting plans to streamline procedures and maximize underutilized capacities.

Participants raised concerns over China's restrictions on exporting rare earth magnets, as industries like automotive and medical devices seek governmental aid in acquiring approvals from China. The Minister recommended exploring alternate markets such as Russia and South Africa.

The past month saw India's exports declining by 2.17%, affected by dipping petroleum goods shipments, while the trade deficit improved slightly to USD 21.88 billion.

(With inputs from agencies.)