New Delhi: Indian exporters can look forward to better days ahead as trade conditions improve, Department of Financial Services (DFS) Secretary M. Nagaraju said on Tuesday.
Speaking on the sidelines of the 10th edition of ‘Exim Bazar’ organised by Export-Import Bank of India here, he said that with the US tariffs reduced from 50 per cent to 18 per cent, and key trade agreements with the United States and the European Union nearing completion, the future of Indian exports, especially handicrafts, looks promising.
“Indian businesses now have stronger global opportunities,” Nagaraju said.
“With trade deals with the US and the EU almost finalised and the rollback of steep tariffs by America, exporters can expect improved access to international markets,” he added.
Nagaraju praised Exim Bank for its continued support to micro, small and medium enterprises (MSMEs), particularly artisans working in handicrafts and handlooms.
He congratulated the bank’s staff and the artisans who have participated in the annual event over the past decade.
“Many artisans have reported better sales and improved product quality due to institutional backing and exposure to global buyers,” he stated.
He noted that Exim Bank operates on two levels. On one side, it provides government-to-government Lines of Credit on behalf of the government. On the other hand, it runs commercial operations that directly support exporters by raising funds from overseas markets and extending financial assistance to businesses.
Nagaraju also referred to the government’s recently launched export mission and a guarantee support framework introduced by DFS to help exporters deal with global trade challenges.
He said the guarantee scheme is working well and has helped cushion exporters from adverse international developments.
On the role of artificial intelligence in trade, Nagaraju said AI will improve connectivity and access to information.
However, he stressed that technology alone cannot replace product quality, especially in traditional sectors like handicrafts.
He said India’s handicraft and handloom products are deeply linked to the country’s culture and heritage, and they must continue to compete globally on quality and price.
“While AI can support marketing and outreach, the final decision of buyers will depend on the strength of the product itself,” he added.
(IANS)
