‘Simplifying customs, business conditions & improving innovation crucial to boost exports’

M Afzal Malbarwala, MD, Galaxy Freight said, “We face global challenges like the Red Sea crisis, the Russia-Ukraine War, and trade tensions involving the US and countries like China and Mexico. To address these, India must explore new markets and expand its products and services. India should close the gap between high-value sectors, like electronics, and traditional sectors, like textiles and jewellery, by adjusting tariffs that hinder growth. This will boost the competitiveness of Indian products. Also, simplifying customs, improving business conditions, and encouraging innovation are crucial for increasing exports. The main drivers of merchandise export growth include electronic goods (especially telecom products), drugs and pharmaceuticals, engineering goods, iron ore, cotton yarn/fabs/made-ups, handloom products, and ceramic products and glassware. India is also making impressive strides in exporting petroleum products and automotive fuel.”