India asks missions in 20 nations to boost market opportunities, export
- IBEF
- January 10, 2025
The Commerce Ministry has directed the commercial wings of Indian missions in 20 countries to focus on identifying market opportunities for six key goods and services to boost India's exports. This was part of a discussion held during a three-day meeting that concluded on January 8, 2024. The official aim is to pinpoint competitors, market trends, and specific companies within sectors like engineering goods and electronics, which are part of a broader strategy to increase exports to countries such as the US, Australia, France, China, Russia, the UK, Japan, South Korea, Singapore, and Indonesia.
This initiative is vital as these focus countries account for a sizeable portion of India's export market. After a robust performance in October 2024, India's exports in November saw a contraction of 4.85% YoY, amounting to Rs. 2,75,664 crore (US$ 32.11 billion). However, exports for the FY25 (April-November) have grown by 2.17%, totaling Rs. 24,40,801 crore (US$ 284.31 billion). Additionally, services exports reached a record high of Rs. 2,94,551 crore (US$ 34.31 billion) in October, reflecting a 22.3% increase YoY.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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