Indian exporters are optimistic about the future, with trade conditions looking up, according to Department of Financial Services (DFS) Secretary M. Nagaraju. Speaking at the ‘Exim Bazar’ event by Export-Import Bank of India, Nagaraju highlighted the reduction in US tariffs from 50% to 18% and nearing trade agreements with the US and EU as positive signs for Indian exports, especially in handicrafts. He emphasized the enhanced global opportunities for Indian businesses with these developments.
Nagaraju commended Exim Bank for its support to micro, small, and medium enterprises (MSMEs), specifically artisans in handicrafts and handlooms. He praised the bank’s efforts in aiding artisans, leading to improved sales and product quality through institutional support and exposure to international markets. Exim Bank’s dual role in facilitating government-to-government Lines of Credit and supporting exporters directly through financial assistance was also acknowledged.
Highlighting the government’s export mission and guarantee support framework introduced by DFS, Nagaraju mentioned the positive impact of the guarantee scheme in assisting exporters amidst global trade challenges. While acknowledging the role of artificial intelligence (AI) in trade for enhancing connectivity and information access, he emphasized that AI cannot replace product quality, particularly in traditional sectors like handicrafts. Nagaraju stressed the importance of maintaining quality and competitiveness in India’s handicraft and handloom products, rooted in the country’s culture and heritage.
