As the number of outbound shipments from India reduced in the last four months, the Union commerce ministry has called a meeting of exporters on Monday to take stock of the situation.
According to reports, exporters are expected to raise concerns about things like providing more support for participation in international exhibitions and fairs, moving forward with free trade agreements with the UK, Canada, Israel, and the GCC (Gulf Cooperation Council), and allowing double-weighted salary deductions for professionals in the industry to keep talent in India.
As per the data of ministry of commerce and industry, exports declined for the fourth-consecutive month by 10.3 per cent year-on-year to USD 34.98 billion in May, while the trade deficit widened to a five-month high of USD 22.12 billion. Cumulatively, exports during April-May this fiscal contracted 11.41 per cent to USD 69.72 billion, while imports declined 10.24 per cent to USD 107 billion.
The country’s exports are being impacted by the slowdown in demand in important markets, increasing inflation in developed economies, and the war in Russia and Ukraine.
Representatives from export bodies, including the Federation of Indian Export Organisations (Fieo), AEPC and the Council for Leather Exports are likely to participate in the meeting.