The Board of Trade (BoT) is scheduled to meet on Tuesday, chaired by Commerce and Industry Minister Piyush Goyal, to discuss strategies to boost India’s exports amid the steep tariffs imposed by the US, an official has said.
Headed by the minister, the board includes participants from various states, Union territories, and senior officials from the public and private sectors.
In the meeting, representatives of export promotion councils, along with other participants, will present their views on the export sector.
“The BoT is meeting on November 25,” the official said.
The meeting is important as the country’s exports fell by a steep 11.8 per cent to $34.38 billion in October on account of the impact of high tariffs by the US, while the trade deficit widened to a record high of $41.68 billion, mainly due to a jump in gold imports.
India and the US are negotiating a bilateral trade agreement. The first phase of the pact is expected to be announced soon, which would address the tariff issue.
The country’s imports jumped 16.63 per cent to an all-time high of $76.06 billion due to high inbound shipments of the yellow metal, silver, cotton raw/waste, fertiliser, and sulphur.
It also assumes significance as India’s merchandise exports to its largest export destination, the US, declined for the second consecutive month in October, falling by 8.58 per cent to $6.3 billion due to the hefty 50 per cent tariffs imposed by Washington.
To deal with global uncertainties at the trade front, the government, on November 12, approved the export promotion mission with an outlay of ₹25,060 crore for six financial years, beginning 2025-26, to help exporters deal with high tariffs imposed by the US.
The mission will be implemented through two sub-schemes — Niryat Protsahan (₹10,401 crore) and Niryat Disha (₹14,659 crore).
The Board of Trade provides an opportunity to have discussions and consultations with trade and industry leaders as they advise the government on policy measures on foreign trade policy to achieve the objective of boosting India’s trade.
It also provides a platform for state governments and Union territories to articulate their perspective on trade policy and also for the central government to apprise them about international developments affecting India’s trade potential and opportunities.
During April-October this fiscal, exports increased marginally by 0.63 per cent to $254.25 billion, and imports rose 6.37 per cent to $451.08 billion.
India is targeting $2 trillion worth of goods and services exports by 2030.
