India’s Commerce Ministry has made a big change in its strategy by expanding its export market focus from 20 to 50 countries. This is meant to make India less dependent on a few main destinations and more resilient to problems in global commerce. The decision was made because the United States put new, high tariffs on commodities from India.
NDTV Profit’s sources say that the main markets they want to reach are in the Middle East and Africa, which together currently make up a large 90% of India’s overall exports. This growth is part of a bigger plan with three main goals: to make exports more competitive, to replace imports, and to diversify exports.
The government is said to be drafting a detailed plan for each of the 50 countries, broken down by commodity. This method has many parts. It includes finding the most important products for each market, making trade promotion campaigns more effective, and making the rules and logistics easier to follow to make Indian exports more appealing. The goal is to make India less reliant on its usual partners, especially the United States, and to build a stronger and more varied export ecosystem.
Action plans for each country are almost done, and they should start being put into action in the next several weeks.
To help this effort even more, the government is getting ready to launch the long-awaited ₹2,250-crore Export Promotion Mission. Exporters have been asking for this mission for a long time. It will have a new layout with things like a loan guarantee plan, interest subvention, and other incentives to help businesses get into new markets.
This proactive step by the Commerce Ministry shows that India is serious about defending its economic interests and exporters in a global trade environment that is becoming more and more unstable.