Commerce Ministry to hold Chintan Shivir to discuss ways to promote trade

The Commerce and Industry Ministry will hold a two-day Chintan Shivir to discuss ways to promote manufacturing trade, investments, startups, logistics and import substitution, among others, an official said on Thursday.

On May 19, the Department of Commerce will be holding a series of sessions on issues such as team building; expediting trade and investment promotion efforts; export strategy on goods and services; import substitution, reducing sub-standard imports and promoting manufacturing through PLI (production linked incentive).

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

On May 20, the Department for Promotion of Industry and Internal Trade (DPIIT) will hold sessions on subjects like innovate in India (startups and intellectual property rights) and the future-ready logistics sector, the official said.

India's exports contracted by 12.7 per cent, the third month in a row, to USD 34.66 billion in April even as the trade deficit reduced to a 20-month low of USD 15.24 billion.

According to the ministry's data, exports of goods and services in 2022-23 rose by 14.68 per cent to an all-time high of USD 775.87 billion.

Merchandise exports increased by 6.74 per cent to USD 450.43 billion, while imports rose by 16.47 per cent to USD 714 billion in the last fiscal.

Services exports rose 27.86 per cent to USD 325.44 billion in 2022-23, while imports increased by 22.54 per cent to USD 180 billion in the preceding fiscal.

Foreign direct investment (FDI) into India declined by 15 per cent to USD 36.75 billion during April-December 2022-23.

The total FDI inflows, which include equity inflows, re-invested earnings and other capital, declined to USD 55.27 billion during April-December 2022-23 against USD 60.4 billion in April-December 2021-22.