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The commerce minister also gave a pep talk to the worried stakeholders by saying that India had time and again proved that it had the resilience to overcome challenges
Union Commerce Minister Piyush Goyal
Commerce minister Piyush Goyal on Friday sought to allay the concerns of traders, exporters, and small manufacturers, assuring them that the government had their backs covered.
Speaking at an event, Goyal said: “The government is committed to making sure that you don’t face any stress emanating due to some unilateral action. The commerce ministry is in touch with missions across the world to ensure we find new markets. We are also looking at boosting domestic consumption. You will see the GST council meeting where you can see the impact of these measures very quickly. This can give a boost to the domestic manufacturing sector.”
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The comments carry multiple messages to all stakeholders as well as the world. One is that the government is actively looking at new markets as an alternative to counter the loss of market in US due to the high tariffs that make Indian items expensive. While Indian exports to US are not alarmingly high, it’s the medium and small sectors as well as the labour-intensive ones who are worried.
Textiles, jewellery, carpets, footwear and some agro products are the sectors that are worried and this is where the commerce ministry wants to step in to ensure new markets are won. Some new markets India is looking at are in UK, UAE, Russia, Japan, and South Korea. This is where textiles, for example, can be a major export. The India-Africa trade is now over $100 billion and is expected to increase further. Apples from Dehradun to Dubai and litchee from Dehradun to Qatar are examples of new markets for Indian products.
The commerce minister also gave a pep talk to the worried stakeholders by saying that India had time and again proved that it had the resilience to overcome challenges. He cited the example of the post-Covid-19 era where the country learnt to innovate by producing PEP sheets.
Sources say over the next few weeks, the ministry will meet representatives of the “affected” sectors like jewellery and textile and explain to them the measures the government is taking. This apart, it is hopeful that the new GST structure will give a fillip to manufacturers and increase domestic demand.
About the Author
Pallavi Ghosh has covered politics and Parliament for 15 years, and has reported extensively on Congress, UPA-I and UPA-II, and has now included the Finance Ministry and Niti Aayog in her reportage. She has als…Read More
Pallavi Ghosh has covered politics and Parliament for 15 years, and has reported extensively on Congress, UPA-I and UPA-II, and has now included the Finance Ministry and Niti Aayog in her reportage. She has als… Read More
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