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US tariff hike: 'Working on reforms to enable exporters to tap domestic buyers', says Piyush Goyal
Union Commerce Minister Piyush Goyal noted that the government is also reaching out to Indian industrialists to buy products from exporters and offer them at affordable prices.
Union Commerce Minister Piyush Goyal
In a bid to protect Indian exporters from the impact of US tariffs, Union Commerce Minister Piyush Goyal said the Centre is working on reforms to enable exporters to sell their products in the domestic market.
In an exclusive interview with Network18 Group Editor-in-Chief Rahul Joshi, Goyal said he is in talks with high-street malls and large-scale retail outlets to explore whether they can help garment exporters by purchasing their products and making them available at affordable prices.
"We are trying to make it easier for them to supply to the domestic market. It is one of the reforms we are working on," Goyal said.
Further, the minister noted that the government is also reaching out to Indian industrialists to buy products from exporters and offer them at affordable prices.
The Centre has been proactive in identifying sectors under stress due to US tariffs. Goyal said the proposed GST slab rejig will provide an impetus to exporters hit by the US tariff hike, as it is expected to boost demand.
Citing the example of the garment industry’s concerns, Goyal said, "I called up the Tatas, who run Zudio and Westside stores, when we recognised that the garments industry could face some stress."
In addition, Goyal said the Centre is engaged in dialogue with at least 50 countries to help exporters explore newer markets affected by steep tariffs.
The Centre identified these 50 nations using artificial intelligence and data analytics. "We are also identifying what we can buy from these countries, as they too might be under similar stress," the minister added.
On August 29, the Centre held a meeting with the United Arab Emirates (UAE)’s foreign trade minister, Thani bin Ahmed Al Zeyoudi, to bolster bilateral trade. "We identified people who can help our textile exporters gain entry into the Gulf market and Africa."
Union Minister Piyush Goyal highlights PM Modi’s push to streamline business and simplify governance
Goyal said an investment dialogue is scheduled on September 18–19 in the UAE, where he will lead a large business delegation to identify sectors that can support Indian exporters in accessing new markets.
The Commerce Minister will also be sending a delegation of seafood exporters to Singapore. During the recent visit of Singapore Prime Minister Lawrence Wong to New Delhi, the country committed to importing chicken, eggs, and poultry from India.
Goyal added that India is also looking at fast-tracking its free trade agreements (FTAs) with other regions.
"We are doing a second tranche in Australia. We will soon announce the closure of our FTA with Oman. New Zealand will also close by the end of the year," Goyal said.
He added that Latin America also offers huge potential for Indian exporters. "The sky is the limit. This will help us expand. As I mentioned earlier, exports this year will surpass last year’s levels," he said.
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