The Indian government is reportedly adjusting its strategies for exports and imports to benefit domestic businesses and consumers amid changing global trade dynamics.
Government sources have informed that interministerial and industry consultations are underway to enhance exports in both value and volume.
The government is seeking advantages for Indian exporters in light of US President-Elect Donald Trump’s vow to impose a 60% tariff on China. Groups of countries are being identified to boost exports from India, while efforts are ongoing to pinpoint sub-sectors within services to enhance overall exports, sources said.
These shifts in global trade dynamics are attributed to several factors, including the rise of Artificial Intelligence (AI), energy transitions, and geopolitical uncertainties stemming from the Russia-Ukraine war, ongoing tensions in the Middle East, and low-grade conflicts in various regions.
Additionally, over 4 billion people across 100 countries—nearly half of the world’s population—have participated in elections in 2024. Eight of the world’s 10 most populous nations have elected their leaders this year, including India, the United States, Indonesia, Brazil, Russia, Pakistan, Bangladesh, and Mexico.