New Delhi, March 22
A timely and strategic move by the government with the RELIEF initiative to support exporters amid global disruptions has strengthened trade resilience and ensured continuity by easing logistics, insurance, and cost pressures in a volatile geopolitical environment, apex business chamber CII said on Sunday.
"For the manufacturing and chemicals sector, it comes as a crucial buffer against rising freight, insurance, and input costs, helping maintain production continuity and export competitiveness," CII President-designate R. Mukundan said in a statement.
Mukundan, who is also Managing Director & CEO, TATA Chemicals Ltd, noted that the Indian industry has consistently demonstrated strong resilience in the face of global uncertainties, including geopolitical tensions and supply chain disruptions.
The continued robust performance of the Indian economy reflects the strength of its policy framework and the impact of sustained reforms undertaken by the government to enhance competitiveness, improve ease of doing business, and strengthen the manufacturing ecosystem.
For sectors such as chemicals and petrochemicals, these initiatives have created a conducive environment for investment, capacity expansion, and deeper integration with global value chains. With strong domestic demand and a stable policy environment, the industry remains confident of contributing meaningfully to India's growth story while supporting the country's emergence as a reliable global manufacturing hub, he added.
India's merchandise trade deficit narrowed to $27.1 billion in February from $34.68 billion in the previous month, according to data released by the Ministry of Commerce and Industry recently.
The country's merchandise exports rose to $36.61 billion from $36.56 billion in January, reflecting the resilience of the sector, while imports fell to $63.71 billion from $71.24 billion, the figures showed.
India's merchandise exports stood at $402.93 billion for April-February 2025-26, which was up from $395.66 billion in the same period last year, representing a 1.84 per cent increase, according to official data.
The data comes against the backdrop of the escalation in the Iran war, which broke out on February 28, leading to the choking of the Strait of Hormuz in the Middle East through which 20 per cent of the world's oil and gas exports transit. The blocking of the Strait has also hit India's exports of commodities such as rice to the Middle East countries.
- IANS
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