India Oman Trade Deal: India and Oman are close to concluding talks on a trade deal that will allow easier access of goods and services into each other’s markets. The deal aims for lower tariffs on exports and better access for Indian professionals. Prime Minister Narendra Modi is determined to build stronger links with the Middle East.
A FIEO survey revealed that cotton yarn exporters are facing a 50-600 percent increase in costs for their shipments to Bangladesh, Europe, and Egypt. The full impact of the crisis is likely to be visible in India’s export figures February onwards.
Indian Exports: The outbound shipments of electronics are expected to touch $100 billion by FY30, propelled by mobile phones, laptops, wearable electronics and electronic accessories.
India has identified electronics, engineering goods, textiles, marine & agriculture, toys, pharmaceuticals, and ecommerce as the sectors that could help achieve its $1-trillion goods export target by FY30. The commerce and industry ministry study predicts that these sectors could generate around $670 billion of exports by 2029-30.