ENA Sectors 2024-06-10 14:16:47 <p><span style="font-size:14px"><strong>New Delhi, Jun 10 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">A dedicated roadmap is expected to be drawn up, aligning with the USD 1 trillion merchandise exports target by 2030.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">In the first 100 days, the government may also launch the 'Trade Connect' e-platform to help exporters connect with international stakeholders.</span></p> <p><span style="font-size:14px">Focusing on pending amendments to the Special Economic Zone law to attract investment is another area of importance.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Overall, reviving exports amid global headwinds like geopolitical risks and high inflation will be the key economic challenge for the new government.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38134 https://knnindia.co.in/news/newsdetails/sectors/reviving-exports-top-priority-for-new-government 2024-06-10 14:16:47 knnindia.co.in