New Delhi: Commerce and Industry Minister Piyush Goyal Friday said the government will soon announce various measures to expand the country’s domestic outreach and global foray, aiming to boost exports.
He also assured exporters of all support in dealing with the current global uncertainties at the trade front, which were caused by the imposition of high tariffs.
The US has imposed a steep 50 per cent tariff on Indian goods entering America from August 27. This high duty is expected to impact exports of certain labour-intensive sectors like textiles and leather and footwear and shrimp.
“The government is committed to make sure that all of you do not face any stress or difficulties in managing the current situation emanating from some unilateral actions,” Goyal said here at an industry event.
He also urged the industry to highlight sectors that may get impacted by these tariffs and need alternative markets.
“We in the commerce ministry, through our Missions, are reaching out to other parts of the world, to look at other opportunities which we can capture. We are also looking at giving a boost to domestic consumption…
“You will soon see the GST council meeting next week… So that the impact of these changes can be felt by all of you very quickly and that can give a quick demand booster to the entire domestic manufacturing sector,” the minister said.
The government is in consultation with all the stakeholders, including Indian Missions abroad, for diversification of exports, he said.
“I can assure each one of you that in the days ahead, the government will be coming out with a variety of measures to support every sector, both to expand the domestic outreach and look for complementarities in other markets around the world to expand our global foray so that this year, our exports will exceed last year’s exports.
“This year will define our self-confidence,” the minister added.
In 2024-25, India’s goods and services exports touched an all-time high of USD 825 billion.
Further, he said, India’s exports share in the global market is low, so “we do not need to worry” too much about the global uncertainties at the trade front.
If a country wants to do a good trade pact with India, “we are always ready” for that, Goyal said, adding if “someone tries to discriminate against us… I feel that India’s 140 crore population has self-confidence and self-respect, keeping that in mind, we will never bow down, nor will we ever be weak, together we will keep moving ahead…
“We will capture new markets… I can say with confidence that this year our exports will be more than last year”.
He added that India is an import-dependent economy.
The country, Goyal said, has managed crises like such as Covid-19 pandemic and nuclear sanctions successfully in the past.
PTI
