India's exports of goods and services hit an all-time high of USD 825 billion in 2024- 25, driven by a record surge in the shipments of services that reached USD 386.5 billion in the last fiscal despite global trade headwinds, according to the commerce ministry data. Following the release of March services exports data by the RBI, the country's overall exports for 2024-25 have been revised to USD 824.9 billion from the earlier estimate of USD 820.93 billion, announced on April 15. Total exports were worth USD 778.13 billion in 2023-24.
The data showed that services exports jumped to a record high of USD 387.5 billion in 2024-25, registering a robust 13.6 per cent growth over USD 341.1 billion in 2023-24. In March, services shipments rose by 18.6 per cent to USD 35.6 billion compared to USD 30 billion in March 2024.
Commenting on the data, Federation of Indian Export Organisations (FIEO) SC Ralhan the data shows the resilience of exporters. However, he said that "as of today, the inflow of orders is not goods from the US and Europe. The US importers are waiting for the trade agreement and this can affect our exports, he said adding the government should immediately announce an interest subvention scheme for exporters. Ralhan said that interest rates are high in the country and to become competitive in the global markets, "we need a minimum 5 per cent subvention.
Source: The Economic Times
The commerce ministry's Export Promotion Mission (EPM) is expected to feature up to 12 components, including easy credit schemes for MSME, e-commerce exporters, facilitation of overseas warehousing, and global branding initiatives, to tap emerging export opportunities and strengthen trade tools for small businesses, an industry official said. The Directorate General of Foreign Trade (DGFT) showed a presentation on this mission to the representatives of export promotion councils and other key stakeholders on April 30.
The DGFT has also sought the views of the councils on this before finalising the schemes under this mission. The EPM is divided into two broad categories - Providing Trade Finance Under NIRYAT PROTSAHAN, six sub-schemes are under consideration; the Niryat Rin Vikas (NIRVIK) Sub-Scheme for MSMEs and new exporters; Support for Emerging Export Opportunities; Support for Trade Instruments for MSMEs; Collateral Support for Export Credit for MSME exporters; Ecommerce Export Credit Card Sub-Scheme; and BharatTradeNET, the official said. Similarly in the NIRYAT DISHA initiative, there are also six elements. These are Technical Regulations and Compliance Enablement (TRACE); Focussed Market Access Initiative (FMAI); Facilitating Export Logistics and Overseas Warehousing (FLOW); Global Outreach for Branding Exports (GLOBE); Export Planning and Development for Districts and Clusters (EXPAND); R&D Support Sub-Scheme for India Centre for Lab Grown Diamond (InCent-LGD) at IIT Madras, Chennai. The official added that these sub-schemes will be implemented through a digitally enabled application and monitoring system, anchored around an online 'intent to claim' process. The objective of the NIRVIK sub-schemes is to establish a dynamic and responsive interest equalisation support framework that enables MSMEs to access export credit in rupee (INR) at globally competitive rates. "This will be achieved through the periodic notification of NIRVIK rates, which will be benchmarked against prevailing interest rates offered to exporters in countries that compete with India in international trade," the official added. It would be applicable to MSME exporters availing export credit, subject to a specified cap limit for interest subvention. However, this cap shall be reviewed periodically based on the actual uptake. Further, a negative list of export items would be maintained under the scheme and no interest subvention shall be provided for items included in this negative list. The negative list is prepared based on criteria such as low-value addition and high outgo, raw materials and primary products, high-value and potential items for misuse, and other sensitive Items. "There will be an annual notification of NIRVIK rates, which will be benchmarked against prevailing interest rates offered to exporters in countries that compete with India in international trade," another official said. The collateral support for export credit for MSME exporters sub-scheme's objective is to provide back-up collateral upwards of 80 per cent or as decided by the collateral support agency to MSMEs and e-commerce exporters, based on the composite track record of the exporter. The government on February 1 announced the setting up of an Export Promotion Mission with an outlay of Rs 2,250 crore to promote the country's outbound shipments. Finance Minister Nirmala Sitharaman has said that through the mission, the government will facilitate exporters to get easy access to credit, cross-border factoring support, and support MSMEs to tackle non-tariff measures in overseas markets.
Source: The Economic Times
Synopsis The Indian government is poised to introduce a ₹18,090 crore shipbuilding financial assistance policy and a ₹25,000 crore maritime development fund (MDF). The MDF aims to boost Indian-flagged ships' share in global cargo to 20% by 2047, attracting ₹1.5 lakh crore investments by 2030. Enhanced incentives for green shipbuilding, hybrid technologies, and large vessel manufacturing are also expected. The government is likely to soon roll out an enhanced shipbuilding financial assistance policy worth ₹18,090 crore and a maritime development fund (MDF) of ₹25,000 crore.
Source: The Economic Times
Synopsis Union Minister Piyush Goyal and EU Commissioner Maros Sefcovic met in Brussels, reaffirming their commitment to finalize the India-EU Free Trade Agreement by the end of 2025. The discussions focused on enhancing market access, strengthening supply chains, and ensuring mutual benefits for sustainable development. Both sides emphasized the importance of a fair agreement to boost innovation and support future investments. Union Minister of Commerce and Industry, Piyush Goyal, held a key meeting with European Union Commissioner for Trade and Economic Security, Maros Sefcovic, in Brussels to discuss the progress of the India-EU Free Trade Agreement (FTA). Both sides reaffirmed their commitment to concluding the long-awaited trade deal by the end of 2025. Goyal described the dialogue as "highly productive," saying that it helped redefine the India-EU partnership The meeting focused on enhancing market access for businesses in both regions and strengthening trusted, diversified supply chains.
The discussions aimed to ensure that the FTA would not only be strategic but also mutually beneficial for the sustainable development of both economies.
He emphasized that the agreement would boost innovation, improve competitiveness, and support future-ready investments and mobility between India and the EU. Both parties underlined the importance of a fair and comprehensive agreement that supports shared prosperity. They also highlighted the role of leadership from Prime Minister Narendra Modi and European Commission President Ursula von der Leyen in moving the talks forward. The minister said, "Both India and EU, under the leadership of PM @NarendraModiji and EU President @VonderLeyen, remain committed to working towards a mutually beneficial and strategic agreement for shared prosperity and sustainable development of our regions". The India-EU FTA has been under negotiation for several years. If concluded, it would be one of India's most significant trade pacts, opening up major opportunities for exporters, investors, and workers from both regions. The meeting in Brussels signals a renewed push from both sides to overcome remaining challenges and finalize the agreement within the proposed timeline.
Source: The Economic Times
Prime Minister Narendra Modi on Thursday said that India’s creative economy can further increase its contribution to the country’s gross domestic product (GDP). He was speaking at the inauguration of the first World Audio Visual and Entertainment Summit (WAVES) being held in Mumbai. In India, the orange economy (consists of all industries related to creativity and intellectual property) is thriving, and content, creativity and culture are the three pillars of the orange economy, Modi said in his inauguration speech.
The PM said that Indian films are now reaching every corner of the world, with they are being released in more than 100 countries. “Today, the size of the global animation market is more than $430 billion, and it is estimated to double in the next 10 years. This is a great opportunity for India's animation and graphic industry. (On the other hand) Indian cuisine is becoming a global favourite and soon Indian music will gain similar worldwide recognition,” he noted. The PM urged all investors to make India a content playground as the country is on the way to becoming the third-largest economy in the world. Modi also said that today, India is the number one country in terms of global financial technology adaptation rate. India is also the second-largest mobile manufacturer and third-largest startup ecosystem in the world, he added.
“India has much more to offer along with a billion-plus voice, with the country’s population being more than a billion. “In such a situation, to keep the human senses alive, extra efforts are needed. Only the creative world can do this. We should not allow humans to become robots. We have to make humans more sensitive. We have to make them more advanced,” the PM added.
Source: Business Standard
China’s manufacturing sector lost momentum in April as the pace of expansion slowed to its weakest since January, weighed down by declining export orders and ongoing tariff-related disruptions. The Caixin Purchasing Managers’ Index (PMI) fell to 50.4 in April from 51.2 in March, though it remained above the neutral 50.0 threshold for the seventh consecutive month, signalling continued albeit modest growth. New export orders recorded their first decline in three months, often linked to the adverse effects of increased US tariffs. This drag on external demand led to a more subdued rise in total new orders—marking the slowest pace of growth in seven months. In response, output growth eased, supported largely by firms fulfilling backlogged orders, which in turn declined for the first time since September last year, according to a release from S&P Global Ratings.
With demand softening, manufacturers resumed job shedding and scaled back both input purchases and inventory levels. Business sentiment weakened, reaching its third-lowest level since data collection began in April 2012, driven by heightened concerns over trade uncertainty. Despite a slight lengthening in supplier delivery times due to supply-side constraints, subdued demand kept input costs under pressure. Although the rate of input price deflation eased, Chinese manufacturers continued to pass on cost savings to customers, leading to a fifth straight monthly drop in output charges. Export prices also fell for a third consecutive month. “As the market outlook is overshadowed, both business and consumer confidence are subdued, making it harder to boost domestic demand. The ripple effects of the ongoing China-US tariff standoff will gradually be felt in the second and third quarters.
Source: US China
KARACHI: Italian Ambassador to Pakistan, Marilina Armellin, has reaffirmed Italy’s long-standing commitment to supporting Pakistan’s textile industry, describing the sector as a cornerstone of the country’s economic growth and export performance.
She emphasized that Italy remains a reliable partner in Pakistan’s decades-long journey of textile development, offering advanced machinery and technology across the entire value chain—from spinning to value-added garments. In an exclusive interview with Business Recorder during her historic visit to the publication’s headquarters in Karachi, Ambassador Armellin underscored the need for stronger bilateral trade cooperation.
IGATEX PAKISTAN exhibition concludes
“Italy is committed to strengthening this important partnership by facilitating access to the latest textile technologies and machinery to help Pakistan boost its economic activities,” she said. However, she urged Pakistani authorities to reduce import tariffs on textile machinery to make high-tech equipment more accessible. Lowering these barriers, she noted, would not only help modernize the industry but also contribute significantly to Pakistan’s GDP growth, given the textile sector’s status as the country’s largest manufacturing and export-earning industry.
Highlighting the significance of the recent IGATEX Pakistan 2025 exhibition, held at the Karachi Expo Centre, the ambassador said the event marked a milestone in Italy-Pakistan industrial collaboration. For the first time, two dedicated Italian pavilions were featured, showcasing cutting-edge textile machinery.
“IGATEX is a very important exhibition—not just for Pakistan but for the entire region,” she remarked. “Italian companies that participated are well aware of the potential in the Pakistani market. They are here with a strong intent to do business, and we fully support and encourage their efforts.”
The show hosted over 450 exhibitors from 30 countries, including Italy. A total of 11 Italian companies showcased more than 50 renowned brands across the two pavilions, reflecting growing interest in Pakistan’s textile and garment sector.
Ambassador Armellin’s remarks underscore the strategic importance Italy places on its trade and industrial relations with Pakistan, especially in areas where mutual growth and innovation can thrive.
Source: B Recorder
