Creating Market Opportunities
Trade minister asks industry to raise manufacturing capability, cut import dependence
This story was originally published at 21:50 IST on 30 June 2025
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NEW DELHI – Commerce and Industry Minister Piyush Goyal Monday asked export promotion councils and industry associations to increase manufacturing capabilities, diversify supply chains, and reduce import dependence, the commerce ministry said in a release. Goyal reaffirmed the government's commitment to a facilitative trade environment through ease of doing business and creating more market opportunities to the Indian exporters.
Goyal and exporters discussed the various Free Trade Agreements signed by India in the past and the status and challenges in the utilisation of such trade pacts. The minister also sought industry views on the proposed and ongoing trade pact negotiations.
India is currently working on several trade agreements, including a bilateral trade agreement with the US. New Delhi hopes to sign a tranche of the agreement with the US before Washington's tariffs come into effect from Jul. 9. Indian exports to the US will face a 26% levy if no agreement is signed before Jul. 9.
"The session also featured presentations from the Department of Commerce on the performance of SEZs (special economic zones) and the recent reforms undertaken as well as further reforms proposed," the ministry said. "The objective of the proposed reforms was to simplify the procedures, increase economies of scales, utilise the idle capacities at SEZs to realise the objectives of the country for achieving the US $5 trillion economy by 2027." End
Reported by Shubham Rana
Edited by Akul Nishant Akhoury
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