Ministry of Commerce invites Chintan Shivir to discuss ways to promote trade

The trade and industry ministry will hold a two-day chintan shivir to discuss ways to boost industrial trade, investment, startups, logistics and import substitution, among other things, an official said Thursday.

On May 19th, the Department of Commerce will hold a series of sessions on topics such as team building; accelerating trade and investment promotion efforts; export strategy for goods and services; Import substitution, reducing low-quality imports and encouraging manufacturing through PLI (Production Linked Incentive).

Trade and Industry Minister Piyush Goyal, Ministers of State for Trade and Industry Som Parkash and Anupriya Patel will address ministry officials.

On May 20, the Department of Industry and Domestic Trade Promotion (DPIIT) will hold meetings on topics such as “Innovation in India” (start-ups and intellectual property rights) and the future-ready logistics sector, the official said.

India’s exports shrank 12.7 percent to $34.66 billion in April for the third straight month, even as the trade deficit narrowed to a 20-month low of $15.24 billion.

According to the ministry, exports of goods and services grew 14.68 percent in 2022-23 to an all-time high of $775.87 billion.

Merchandise exports rose 6.74 percent to $450.43 billion last fiscal year, while imports rose 16.47 percent to $714 billion.

Services exports grew 27.86 percent to $325.44 billion in 2022-23, while imports rose 22.54 percent to $180 billion in the previous fiscal year.

Foreign direct investment (FDI) in India fell by 15 percent to US$36.75 billion in April-December 2022-23.

Total FDI inflows, which include equity inflows, reinvested earnings and other capital, declined to US$55.27 billion in April-December 2022-23, compared to US$60.4 billion in April-December 2021 -22.

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