The country's goods and services exports have crossed $820 billion in 2024-25, marking a nearly 6 per cent increase over the previous fiscal year despite global economic uncertainties, the commerce ministry said on Wednesday. The exports stood at $778 billion in 2023-24.
The commerce ministry has endorsed India Inc's stand against signing a free trade agreement (FTA) with China until it becomes a market economy that follows transparent pricing of manufactured goods and services.
Finance Minister Nirmala Sitharaman stated that it is premature to comment on the tariff changes announced by the United States, adding that the commerce ministry is currently reviewing the situation.
Secretaries' panel fails to arrive at a decision. Sources told Business Standard the commerce ministry felt that the delay would add to the cost for the government as more and more factories could shut shop.
While the formulation is being worked out by the commerce ministry, the industry and export community is also in touch with senior functionaries in the finance ministry.
Unlike the finance ministry which takes a larger view, the commerce ministry only looks at exporters' interests.
Another priority in the first 100 days could be the launch of an e-platform -- Trade Connect -- to help exporters connect with stakeholders of international trade.
Even as record foreign fund flows lifted the rupee to 39.43 against the US dollar today, the highest since 1999, the commerce ministry has started telling exporters to prepare for the rupee rising even further to 38 against the US dollar by December. The strong rupee is already hurting India's exporters, with companies cutting jobs and scaling back expansion. A further appreciation may have even worse consequences for sectors like textiles, infotech and automobiles.
Piyush Goyal on Friday rejected reports suggesting that India is planning to hold off trade deal with the United States for several months.
Enthused by 174 per cent growth in services trade this year, India is readying to make an aggressive offer in the WTO negotiations on services.
China has emerged as India's largest trading partner in 2025-26, with bilateral trade reaching USD 151.1 billion, while India's trade deficit with Beijing widened to an all-time high of USD 112.6 billion.
Worried over the impact of global slowdown on exports, the Commerce Ministry has initiated an exercise to revitalise SEZs, which contribute over Rs 3 lakh crore, or about 28 per cent, to the country's total outbound shipments.
The Indian government has issued an updated Standard Operating Procedure (SOP) for processing Foreign Direct Investment (FDI) applications, aiming to clear all proposals within 12 weeks, a two-week extension from the previous 10-week target, to ensure a fully paperless and transparent process.
'Every day the meter is ticking. Like a time bomb.' Shipping giants are billing Indian exporters up to $3,000 per container in war surcharges -- on cargo that sailed before the war began -- as the Strait of Hormuz shuts down.
India and the US have reported positive progress in recent trade talks in Washington, agreeing to maintain engagement to finalise a bilateral trade agreement, which now requires recalibration following new US tariffs.
In a major setback to Trump's pivotal economic agenda for his second term, the US Supreme Court, in a 6-3 verdict written by Chief Justice John Roberts, ruled that the tariffs imposed by the president on nations around the world were illegal.
India has welcomed the ceasefire between the US and Iran, advocating for de-escalation, dialogue, and diplomacy to secure lasting peace in West Asia.
Commerce ministry has written to finance ministry to retain all the fiscal incentives for the special economic zones in the new direct tax code.
The commerce ministry went into a huddle following UPA chairperson Sonia Gandhi's letter to Prime Minister Singh advising caution on allowing FDI in retail.
'General Subramani's appointment as military adviser in the NSCS has given him insight into decision-making at the apex level prior to formally taking over as CDS.'
India has expressed strong concern over the targeting of commercial shipping in the Strait of Hormuz during the West Asia conflict, urging for the restoration of unimpeded navigation and global commerce.
US President Donald Trump said the United States faces a stark choice in its approach to Iran, either to pursue a negotiated settlement or escalate militarily, as tensions continue to rise in the West Asia region.
According to a senior commerce ministry official, the Budget sought to withdraw some significant stimulus measures "in a clandestine manner", which would affect exports and lead to impediments in efforts to achieve $450 billion worth of exports by 2013-14, from around $250 billion at present.
India and the US have decided to reschedule their meeting to finalize the interim trade pact due to recent developments and implications, including changes in US tariffs.
The commerce ministry will approach the 13th Finance Commission next month suggesting measures to reduce the incidence of local taxes on exports. With the state levies accounting for 6 per cent of the cost of exporters' consignments, the ministry wants to ensure that these taxes are rebated on the lines of refund of Central levies through different schemes.
India has initiated a probe into imports of subsidised paperboard from China and Indonesia following complaints from domestic manufacturers. The investigation will assess the impact of these imports on the Indian paper industry and determine if anti-subsidy duties are warranted.
India has initiated a probe into imports of subsidised paperboard from China and Indonesia following complaints from domestic manufacturers. The investigation will assess the impact of these imports on the Indian paper industry and determine if anti-subsidy duties are warranted.
The finance ministry has turned down a proposal for shifting the exporters' tax refund plan to the commerce ministry, which has been lobbying hard to take charge of the duty entitlement pass book scheme.
Chief negotiators from India and the US are set to begin three-day talks in Washington to recalibrate the bilateral trade agreement (BTA) framework, following significant changes in the US tariff landscape, including a new 10 per cent tariff imposed on all countries.
Despite the controversy over the entry of foreign retail giants, the government has cleared foreign direct investment worth only $3.1 million in retail between February 2006 and May 2007.
India has voiced its deep concern over reports of increasing civilian casualties in Lebanon due to Israeli strikes, emphasising the protection of civilians and the importance of international law.
Iranian forces fired upon three commercial vessels in the Strait of Hormuz, with one possibly headed for Gujarat, raising concerns about maritime security in the strategic waterway.
India's merchandise exports experienced a slight decrease in February, while imports surged due to increased gold and silver purchases, leading to a widened trade deficit. The West Asia crisis is expected to further impact trade in the coming months.
The Indian government has introduced the Jan Vishwas (Amendment of Provisions) Bill, 2026, in the Lok Sabha to decriminalise and rationalise minor offences, aiming to promote ease of doing business and living.
The government has introduced a bill in the Lok Sabha to amend provisions for decriminalising minor offences, aiming to promote ease of doing business and living.
India has fully protected its sensitive sectors like dairy, rice, wheat, pulses, tea, genetically modified (GM) goods, and coffee by not granting any import duty concessions to the European Union (EU) under the bilateral free trade agreement, according to the Commerce Ministry.
National Security Advisor Ajit Doval hosted Bangladesh Foreign Minister Khalilur Rahman for a dinner meeting, signalling efforts to repair bilateral ties after a period of heightened diplomatic tension.
CBI has also summoned a senior official of Reliance Industries Limited and a noted chartered accountant.
Border trade between India and China through the Lipulekh Pass in Uttarakhand's Pithoragarh district is set to resume this year after a six-year hiatus due to the COVID-19 pandemic.
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