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Efforts on to restore rare earth imports, says govt
The Morning Standard
|August 15, 2025
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.
Of the 50 countries under review, 20 have been deemed of particular significance, with 30 more under consideration—with a special focus in Asian economies, as the World Trade Organization (WTO) projects stronger trade expansion in Asia.
"We are looking at these 50 countries which constitute more than 90% of our export basket. So, out of more than 193 countries, we are focusing now on these 50 select countries where export potential is very high, where they import a lot from the rest of the world but not from India and how we can diversify our exports in these countries," said an official from the ministry.
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