Commerce and Industry Minister Piyush Goyal will hold a crucial meeting with representatives from export promotion councils on October 29 to discuss strategies for accelerating India’s outbound shipments. The consultation comes amid a complex trade environment — exports rose 6.74% year-on-year in September 2025 to US$36.38 billion, but shipments to the United States, India’s top trading partner, declined nearly 12% due to recent tariff measures. The session aims to address export bottlenecks, promote market diversification, and enhance competitiveness through better use of free trade agreements (FTAs) and sectoral reforms.
Export Landscape: Growth Amid Global Headwinds
India’s merchandise exports have shown signs of revival despite global trade disruptions. In September, exports rose 6.74% year-on-year to US$36.38 billion, led by sectors such as engineering goods, petroleum products, and electronics. However, the gains were tempered by a sharp 12% drop in exports to the US, which fell to US$5.46 billion following the introduction of a 50% tariff on select Indian products in late August.
Between April and September 2025, India’s exports totalled US$220.12 billion, while imports reached US$375.11 billion, widening the trade deficit to US$154.99 billion. Although the overall export trajectory appears positive, the uneven performance across geographies has raised concerns within policy circles about the sustainability of growth.
The Agenda: Tackling Key Challenges
The October 29 meeting, convened by the Commerce Ministry, seeks to outline actionable steps to strengthen India’s global trade position. Discussions are expected to cover:
- Tariff Relief and Market Access: The US import duty hikes have severely impacted labour-intensive sectors such as textiles, leather, and handicrafts. Goyal is expected to explore ways to negotiate tariff concessions and alternative market access strategies.
- Diversification Beyond the US Market: India plans to expand trade with Latin America, Africa, and Southeast Asia to reduce dependence on traditional markets.
- Leveraging Free Trade Agreements (FTAs): The minister is likely to urge exporters to capitalize on existing FTAs and expedite pending negotiations, particularly with the EU, the UK, and the GCC nations.
- MSME and Logistics Support: Strengthening supply-chain infrastructure, improving access to credit, and reducing logistics costs remain high on the agenda to enhance export competitiveness.
Structural Shifts and Sectoral Opportunities
While traditional sectors such as textiles and gems and jewellery continue to face volatility, newer industries are gaining traction. Electronic goods, pharmaceuticals, and renewable-energy components have emerged as strong performers, reflecting India’s gradual pivot toward high-value manufacturing and technology-driven exports.
The government’s “Make in India” and “Production-Linked Incentive (PLI)” schemes have also contributed to this structural shift by incentivizing domestic manufacturing for global markets. Experts believe India can strengthen its export ecosystem by investing in R&D, enhancing product quality, and deepening integration into global value chains.
Global Trade Climate: Navigating Uncertainty
The meeting comes at a time when global trade is facing turbulence due to geopolitical tensions, supply-chain disruptions, and protectionist measures by major economies. The recent US tariff escalation on Indian goods is part of a broader trend of strategic trade realignments.
Despite these challenges, India remains one of the few major economies expected to register moderate export growth in 2025, driven by resilient demand from emerging markets. Policymakers view this as an opportunity to reposition India as a reliable trading partner in the global supply chain.
The Road Ahead
Goyal’s engagement with exporters is likely to yield a short-term roadmap to stabilize exports and a long-term framework to strengthen India’s position in global trade. The focus will be on technology adoption, diversification of export portfolios, and improving logistics efficiency.
As India aspires to achieve a US$2 trillion export target by 2030, the government’s collaboration with the private sector and alignment of trade policy with industry realities will be critical. The Oct. 29 meeting thus marks a pivotal moment in shaping India’s next phase of export-led growth.
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