Overview

• Piyush Goyal convened export promotion councils and industry associations on June 30 to press for better use of existing free trade agreements and accelerate negotiations with the US and EU.
• The Department of Commerce proposed SEZ reforms to simplify procedures, boost economies of scale and deploy idle capacities in support of India’s $5 trillion economy goal by 2027.
• Goyal directed industry to ramp up domestic manufacturing capabilities and diversify supply chains to reduce import dependence under the Atmanirbhar Bharat initiative.
• He advised exporters to seek alternative sources for rare earth magnets after China imposed tighter export restrictions.
• India’s exports contracted 2.17% year-on-year in May to $38.73 billion with a narrowed trade deficit of $21.88 billion, highlighting the urgency of policy measures.