Latest News | Piyush Goyal to Chair Board of Trade Meeting on Tuesday

New Delhi, Sep 12 (PTI) Commerce and Industry Minister Piyush Goyal will chair a meeting of the board of trade on Tuesday to discuss ways to boost the country's exports, an official said.

Headed by the minister, the board includes participants from various states, union territories, and senior officials from public and private sectors.

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Last month, the government nominated 29 non-official members from different sectors, including large and small enterprises, to the board.

The new members include Laghu Udyog Bharati executive member Om Prakash Mittal, India Cellular and Electronics Association chairman Pankaj Mahindroo and Amul MD RS Sodhi.

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Discussions in the meeting are expected to focus on the new Foreign Trade Policy (FTP 2022-27), ways to take domestic manufacturing and exports forward.

The platform provides an opportunity to have regular discussions and consultation with trade and industry and advise the government on policy measures related to FTP in order to achieve the objective of boosting India's trade.

It also provides a platform to state governments and union territories to articulate their perspective on trade policy, and also to the government of India for apprising them about international developments affecting India's trade potential and opportunities and to prepare them to deal with the evolving situation.

India's exports contracted by 1.15 per cent to USD 33 billion and trade deficit more than doubled to 28.68 billion in August, according to the preliminary data of the commerce ministry.

Trade deficit in August 2021 stood at 11.71 billion.

Imports rose by 37 per cent to USD 61.68 billion in August this year.

During April-August 2022-23, exports registered a growth of 17.12 per cent to USD 192.59 billion. Imports during the five-month period of this fiscal grew by 45.64 per cent to USD 317.81 billion.

Trade deficit widened to 125.22 billion in April-August this fiscal as against USD 53.78 billion in the same period last year.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)