The widening current account deficit (CAD) of India indicates that imports exceed exports and hurts the economic growth rate.
"We are not a major player who commands 10% of the global trade. Therefore little downfall in trade will affect," he said.
The scheme, introduced by the commerce ministry in 2015, came to an end in March 2019.
Engineering exporters are seeking supply of steel at concessional prices so that MSME sector can compete in international markets.
Under MEIS, the government provides duty benefits depending on product and country.
Number of enterprises from China and abroad will attend the upcoming South and South Asia Commodity Expo and Investment Fair. The exposition will be held in China’s Kunming. While speaking to ANI, Mahesh Saharia, Chairman of Indian Chamber of Commerce-NE in China said, “China is growing very fast. We're looking towards China. In such forums and elsewhere we need to talk about possibilities of furthering exports from India to China and removing those barriers, because our basket of goods for Chinese market is limited. So we have to find out areas where we are strong and then we'll be able to make it.”
The announcement will provide a fresh set of challenges for Minister Goyal, who has to tackle slow export growth and headwinds from uncertain global economic conditions.
U.S. law requires the administration to wait 60 days after it notifies Congress of the move before it formally ends India's participation in the program.
DPIIT has decided to set up four working groups comprising industry and government officials to promote exports through ecommerce.
India needs to focus on becoming a new powerhouse as a global hub for exports to cash in on US-China trade war.
The textile industry body said that while the ongoing US-China trade war presents an opportunity to Indian textile manufacturers to enhance their exports to the US, China too would be looking for new markets for its products.
The strategy paper, prepared by the ministry, was submitted to Commerce and Industry Minister Suresh Prabhu.
Negotiators of the RCEP bloc will meet on May 24 in an inter-sessional meeting in a bid to conclude the mega trade agreement this year.
The latest quarterly indicator from the WTO showed that global goods trade growth was likely to remain weak, with a reading of 96.3, unchanged from February, the lowest in nine years.
A spate of Taiwanese investments came by in India in the last one year alone, with investment figures spiralling to $360 million by Taiwanese companies.
Any slowdown in Chinese exports to the US on account of the recent imposition of tariffs on Chinese goods could result in a corresponding rise in Chinese exports to other EMs, it said.
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