PM Modi meets exporters to discuss growth strategy

Prime Minister Narendra Modi
| Photo Credit:
ANI

Prime Minister Narendra Modi met exporters from various labour-intensive sectors on Monday to discuss ways to increase the country’s exports amidst global uncertainties and US tariff woes.

“Representatives from various labour intensive sectors, such as apparel, leather, marine, handicrafts, engineering and gems & jewellery attended the meeting. They discussed the issues they faced in the global market, including the hit suffered due to US tariffs, and how the country’s export competitiveness could be enhanced,” sources tracking the matter told businessline.

India’s goods exports growth, which was almost flat in FY25 at $437.42 billion, suffered a new set back in the form of US tariffs of 50 per cent that were imposed in August. As most of India’s competitors, such as Vietnam and Bangladesh, have tariffs of 19-20 per cent in the US, the going is challenging for Indian exporters, especially labour-intensive sectors.

This follows a meeting that Commerce & Industry Minister Piyush Goyal held with exporters last week to discuss growth prospects and concerns. “Exporters across sectors want affordable and accessible export credit, a reduction in the compliance burden, a predictable policy regime and support for MSMEs,” the source said.

After US President Donald Trump imposed 50 per cent tariffs on most Indian goods from August-end, the country’s exports to the US declined about 12 per cent to $5.46 billion in September. Per an analysis done by research body GTRI, India’s exports to the US have dropped almost 37.5 per cent between May and September, wiping out more than $3.3 billion in monthly shipment value

“The data confirms that the US has become India’s most severely affected market since the tariff escalation began, with sectors such as textiles, gems and jewellery, engineering goods, and chemicals suffering the heaviest losses,” the report noted.

Despite US tariff challenges, India’s goods exports in April-September 2025 increased 3.02 per cent (year-on-year) to $220.12 billion while imports increased 4.53 per cent to $375.11 billion.

Published on November 3, 2025