Business

PM Modi Urges CMs To Slash Imports, Boost Exports

Even as neighbouring South Asian countries are going through economic turmoils, India has issued a timely directive to the states to boost exports, while curtailing imports. Prime Minister Narendra Modi urged states to focus on reducing imports and increasing exports, asking them to identify opportunities and encourage people to use locally made goods as much as possible. His reiteration of the 'vocal for local' call has come amid a burgeoning trade deficit and concerns over the widening current account deficit. Although goods and services (GST) collections have improved, there's potential for this to be stepped up further, Modi said at the seventh meeting of the Niti Aayog's governing council. India's upcoming G20 Presidency in 2023 is a unique opportunity to show that the country is not just Delhi but every state and UT as well, Modi said. He called on states to set up dedicated G20 teams to derive the maximum possible benefit from the Presidency. He added that each state should focus on promoting the three Ts - trade, tourism, technology - through Indian missions abroad. India's merchandise trade deficit hit a record high of US$ 31 billion in July, stretching the overall difference between exports and imports to over US$ 100 billion in the first four months of the fiscal from US$ 42 billion a year ago.