Efforts on to restore rare earth imports, says govt

THE country's trade relations with China are gradually showing renewed momentum, as negotiations are underway to commence imports of rare earth magnets, according to a senior government official.

- PUSHITA DEY @ New Delhi

THE Ministry of Commerce has designed a four-pillar strategy to help exporters withstand the impact of US President Donald Trump's new tariffs on Indian goods and broader geopolitical disruptions, according to senior government officials. The plan aims to enhance exports to 50 countries that together account for over 90% of India's export basket, with the aim of sustaining growth even if global trade turbulence persists.

The four-pillars strategy focuses on improving export competitiveness, bolstering promotion, and diversifying both export and import markets. Between April-July FY25 and FY26, India logged export growth in 26 destinations, including Canada, Spain, China, Hong Kong and South Korea, while shipments to 14 markets like Turkey, Indonesia, Malaysia, and the Netherlands fell.