Finding new markets vital for India

THERE IS NEED TO PUT STRESS ON QUALITY UPGRADATION TO GAIN ACCEPTABILITY IN OVERSEAS MARKETS

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India's trade outlook is a subject of much discussion due to the changing and uncertain geopolitical condition. The government is quite worried about the matter and has rightly decided to clear the Rs 25,000 crore Export Promotion Mission as well as the Rs 20,000 additional free collateral credit to support exporters grappling with global trade uncertainty.

Priority support has been identified to sectors such as textiles, leather, gems and jewellery, engineering goods and marine products hit by the US tariffs.

Experts believe that the country should not depend on any single country but need to cultivate diverse interests with various nations. Even in areas of energy, no single supplier, even Russia, should provide more than a quarter of crude imports. Also, no single foreign source, whether Moscow or Paris, should supply more than 25-30% of defence acquisitions. The same logic follows for electronics and related items with reference to China. Similarly, neither the US nor the EU should account for over a quarter of goods exports.