PM Modi To Interact With Heads Of Indian Missions, Stakeholders Of Trade & Commerce

The commerce ministry has fixed an export target of USD 400 billion for the current fiscal, making this meeting vital. 

Prime Minister Narendra Modi | File Image

New Delhi: The Prime Minister of India, Narendra Modi will be interacting with the heads of Indian Missions abroad along with stakeholders of trade and commerce on Friday, August 6th. They will likely, the expansion of export potential and how to increase the country's share in global trade.

The commerce minister and the external affairs minister will also be present during the interaction.

According to PTI, the statement issued on Thursday read, "The purpose of the interaction is to provide a focussed thrust to leverage and expand India's export and its share in global trade. The interaction aims to energise all stakeholders towards expanding our export potential and utilizing the local capabilities to fulfil the global demand".

The statement added that the exports have a huge employment generation potential, especially for MSMEs and labour-intensive sectors, with a cascading effect on the manufacturing sector and the overall economy. Participation of secretaries from over 20 departments, state government officials, members of Export Promotion Councils and Chambers of Commerce is expected, it added.

Exports during April-July 2021-22 rose by 73.86 per cent to USD 130.56 billion, as against USD 75.10 billion in the same period last year. Imports during the month also rose by 59.38 per cent to USD 46.40 billion, leaving a trade deficit of USD 11.23 billion in July.

The commerce ministry has fixed an export target of USD 400 billion for the current fiscal, making this meeting vital. 

The country's exports grew by 47.19 per cent to USD 35.17 billion in July on account of healthy growth in the outbound shipments of petroleum, engineering, and gems and jewellery. The outbound shipments of the country are recording healthy growth rates.