Boosting India's Exports: Centre & States Meet on Jan 16

New Delhi, Jan 14 (PTI) The Centre, state governments and industry representatives will meet on January 16 to discuss ways to boost the country's exports, an official said.

Issues which are expected to figure in the meeting include rupee payment challenges, need of global shipping, and challenges being faced by traders on account of the Red Sea crisis, and uncertain global economic situation due to the Russia-Ukraine war and Israel-Hamas conflict.

The meeting will be chaired by Commerce and Industry Minister Piyush Goyal. They all are members of the Board of Trade (BoT).

"There are over 135 members of BoT. It is meeting on January 16 at Bharat Mandapam," the official said.

Headed by the minister, the board includes participants from various states, Union Territories, and senior officials from the public and private sectors.

In the meeting, representatives of export promotion councils present their views on the export sector.

The board provides an opportunity to have regular discussions and consultations with trade and industry and advise the government on policy measures on foreign trade.

It also provides a platform for state governments and Union Territories to articulate their perspective on trade policy and also for the central government to apprise them about international developments affecting India's trade potential and opportunities.

Cumulatively, the country's merchandise exports in April-November 2023-24 contracted by 6.51 per cent to USD 278.8 billion.

Imports were also down by 8.67 per cent to USD 445.15 billion in the eight-month period due to a fall in oil imports.

The trade deficit (difference between imports and exports) during the eight-month period was USD 166.35 billion against USD 189.21 billion in the corresponding period last year.