Exporters raised the issue of losing out the benefit of Generalized System of Preferences (GSP) for export of plastics, leather, stones and machinery to the EU from January 1, 2023, along with high inventory in developed markets and low offtake by buyers that could lead to further slowdown in export especially November onwards.
“The minister stated that the ball is in our court and we have to be ready to take on global competition. He said that the government is doing its best through various measures to support Indian exporters to compete globally,” the commerce and industry ministry said in a statement quoting Goyal.
The government is also negotiating more FTAs with important trade partners and this will have a direct impact in providing a level playing field in international markets, Goyal added.
“He emphasized that everybody would have to work hard to achieve the true potential of India in terms of global trade,” the ministry said.
As per a government official who attended the meeting, the minister asked the industry to become competitive and not depend on subsidies.