Nirmala Sitharaman hails 'resilient' exporters, promises all support in face of global challenges

FM Nirmala Sitharaman

Indian exporters have shown remarkable resilience in the face of global trade headwinds and the country’s shipments in sectors as pharmaceuticals, auto-engineered products and IT-related services continue to grow, finance minister Nirmala Sitharaman said on June 24.

Sitharaman said global trade was slipping, with institutions such as the Organisation for Economic Co-operation and Development (OECD) and World Bank projecting a decline. “Global growth in trade has suffered,” she said, adding Indian exporters were “swimming against the current” despite the odds.

The minister’s comments come at a time when India is looking to deepen its export base while navigating an uncertain global economic climate brought about by US President Donald Trump’s tariffs and geopolitical uncertainties.

Sitharaman reiterated the government's commitment to supporting exporters through improved access to finance and structural reforms. “The government will give all support to exporters. Every year we have had serious challenges in global trade,” Sitharaman said.

Highlighting the impact of production-linked incentive schemes, the minister said stating that PLI-led exports reached Rs 5.13 lakh crore (approximately $56 billion) in sectors such as pharmaceuticals, food processing, and telecom products.

Speaking at the Trade Conclave 2025 organised by the Export-Import Bank of India (Exim Bank) in New Delhi, the minister said, “Challenges of exports have only increased, the export world globally has not become more facilitative,” she said.

The government was in the final stages of its trade agreement talks with the United States. “US trade agreement negotiations are going on, they should come to a conclusion soon,” she said, referring to the bilateral trade agreement (BTA) being negotiated between the two countries.

The two sides are trying to close the first tranche of the agreement before July 9, when Trump’s tariff pause ends.

The ASEAN region — an important market for Indian textiles — is undergoing a review of its trade agreement, potentially opening up new opportunities for India.

India is also identifying newer export markets, she said, crediting exporters’ “survival instincts” for their ability to adapt. Improvements in logistics and transport infrastructure have helped bring down logistics costs, she said.

Highlighting Exim Bank’s efforts, she said the institution has partnered with over 100 foreign banks to enable smoother access to export financing.