FM, Commerce Minister to attend Board of Trade meeting to address exporters concerns

With export growth refusing to pick up pace, Finance Minister Nirmala Sitharaman and Commerce and Industry Minister Piyush Goyal will discuss challenges faced by the country’s exporters including lack of adequate export credit, complexities of trade with free trade partner countries, fall in domestic competitiveness and inadequate logistics in a meeting of the Board of Trade on Thursday.

 

India’s export sector is facing a slowdown in tandem with the sluggishness in global trade. The government realises that it needs to take steps to give the sector a boost as a drop in exports not only brings down GDP growth but also causes large scale employment loss. The BoT will focus on ways around the problems to try and put export growth back on track, according to a government official.

 

The Board of Trade, which also includes senior industry members, advises the Commerce and Industry Ministry on policy measures connected with the Foreign Trade Policy with the objective of boosting India’s trade.

 

India’s exports in April-July 2019-20 contracted 0.37 per cent to $107.41 billion. In July figures showed a meagre growth of 2.25 per cent as exports of many major commodities such as petroleum, gems & jewellery, engineering goods and leather registered a decline.