India eyes manufacturing boost as trade talks with US progress

The minister complemented the exporters and the industry for achieving the highest ever export of above $820 billion in fiscal 2024-25, which is nearly 6 per cent growth over the previous fiscal. Despite multiple headwinds including the red sea crisis, Israel-Hamas conflict spilling over to Gulf region, continuation of Russia-Ukraine conflict and slow growth in some developed economies, the minister lauded the exporters for their resilience and efforts, the Ministry of Commerce and Industry said in a press release.

During the meeting, Goyal informed exporters about ongoing discussions with the US on a mutually beneficial multi-sectoral Bilateral Trade Agreement (BTA), which began following initial talks between Prime Minister Modi and US President Trump in February 2025. He assured exporters that the government will work to provide a conducive environment to enable them to successfully navigate the recent changes in the global trade environment.

The minister assured that the country is working in a proactive manner and exploring solutions which are in the best interest of the nation. The team working on BTA is exploring the right mix and the right balance and he exhorted the exporters to not panic and look at the silver lining in the present scenario. He assured that the team is working with speed but not in undue haste to ensure the right outcome for the country.

Goyal said that different countries are approaching the tariff imposition in a different manner. However, as far as India is concerned, there is a potential for increase in manufacturing, creation of additional jobs because it can attract big players in global supply chain as India has been able to establish itself as a trusted and reliable partner and with a predictable business friendly destination.

Various export promotion councils, representing a wide array of sectors, presented their views and outlook considering the emerging challenges in global trade and requested the government to take proactive measures to support the export industry in these challenging times, added the release.

ALCHEMPro News Desk (SG)