Reviving Exports Top Priority for New Government

New Delhi, Jun 10 (KNN) The biggest challenge for the new commerce and industry ministry under Prime Minister Narendra Modi's government will be to revive the growth of merchandise exports.

A dedicated roadmap is expected to be drawn up, aligning with the USD 1 trillion merchandise exports target by 2030.

Among the immediate priorities could be signing the free trade agreement with Oman, which has already been negotiated. The talks with the UK for a similar pact may take more time as London heads for elections in July.

In the first 100 days, the government may also launch the 'Trade Connect' e-platform to help exporters connect with international stakeholders.

Focusing on pending amendments to the Special Economic Zone law to attract investment is another area of importance.

For the Department for Promotion of Industry and Internal Trade, further foreign direct investment liberalisation in some sectors and finalising the long-pending e-commerce policy could be on the agenda.

The textile industry is seeking a relook at the quality control order, which they allege is hurting the sector's competitiveness by allowing cheaper imported fabrics and garments without quality checks.

Overall, reviving exports amid global headwinds like geopolitical risks and high inflation will be the key economic challenge for the new government.

(KNN Bureau)