PM Modi meets key exporters as US tariffs hit labour-intensive sectors; focus on boosting competitiveness and narrowing the widening trade deficit.
In a crucial move to strengthen India’s position in global markets, Prime Minister Narendra Modi met leading exporters on Monday to discuss strategies aimed at improving the country’s trade competitiveness. The meeting followed concerns raised by labour-intensive sectors after the United States imposed steep 50% tariffs on several Indian products.
Representatives from the apparel, leather, gems & jewellery, handicrafts, engineering, and seafood industries participated in the discussion. These sectors, which employ millions across India, highlighted the impact of rising duties and shifting global trade conditions.
Exporters indicated that the dialogue focused on tariff barriers, market access, and the need for policy support to remain competitive globally. Tariffs, they noted, have a direct bearing on product pricing and market viability.
The meeting also assumed significance as India and the US continued to negotiate a bilateral trade agreement that could ease duty pressures and improve market access.
Despite global headwinds, India’s exports grew 6.74% in September to USD 36.38 billion. However, imports rose 16.6%, widening the monthly trade deficit to USD 31.15 billion.
During April–September this year, cumulative exports increased 3.02% to USD 220.12 billion, while imports expanded 4.53% to USD 375.11 billion, pushing the trade deficit to USD 154.99 billion.
Currently, India’s share in global trade stands at approximately 2%, with 1.6% in global goods exports and 3.3% in services, reflecting significant untapped potential.
Industry leaders expressed hope that the Prime Minister’s intervention would drive policy reforms, strengthen global competitiveness, and safeguard employment-heavy export sectors.
As global markets became more challenging, exporters looked toward urgent policy support and Monday’s meeting marked a pivotal step in charting India’s trade trajectory for the coming years.
Source: PTI
