India Inc seeks policy push on exports
The Union Commerce Ministry has called a meeting of exporters on Monday to take stock of the situation, as the country’s outbound shipments have been contracting for the last four months, an official said.
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New Delhi The Union Commerce Ministry has called a meeting of exporters on Monday to take stock of the situation, as the country’s outbound shipments have been contracting for the last four months, an official said.
Exporters are expected to flag issues like extending greater support to participate in global exhibitions and fairs; expediting negotiations to conclude free trade agreements with the UK, Canada, Israel and GCC (Gulf Cooperation Council); and allowing industry double weighted deduction on salary to professionals to retain talent in India.
Exports declined for the fourth-consecutive month by 10.3 per cent year-on-year to $34.98 billion in May, while the trade deficit widened to a five-month high of $22.12 billion, according to the ministry data.
Cumulatively, exports during April-May this fiscal contracted by 11.41 per cent to $69.72 billion, while imports declined 10.24 per cent to $107 billion. Demand slowdown in major markets, high inflation in developed economies and the Russia-Ukraine war are impacting the country’s exports.
