A number of decisions were taken during the meeting for boosting exports, domestic manufacturing and reducing trade deficit. These included - examining top 50 tariff lines for possible ways to reduce import dependence, expedition of investigations on imports under the anti-dumping mechanism, steps to boost exports of organic produce, among other important decisions.

Various measures were discussed including - ECGC was asked to enable a credit guarantee cover for foreign currency lending to MSMEs. EXIM bank may consider providing refinance in foreign currency to the commercial banks to support exports credit particularly to MSMEs. ECGC could also extend export factoring for MSMEs. RBI was asked to explore the possibility of use of its foreign exchange reserves for providing a line of credit for swap to good banks for this purpose resulting in cheaper foreign currency loans.

Union Minister Shri Piyush Goyal representing India, called for de-escalating trade tensions and reviving confidence in the rules based multilateral trading system which all countries had so painstakingly created. He also called for supporting greater participation of MSMEs.

Union Minister Shri Piyush Goyal and Union Steel Minister Shri Dharmendra Pradhan met representatives of the steel industry and discussed the measures that Government may take, both tariff and non-tariff, to reduce unnecessary imports and boost exports.

Shri Piyush Goyal held a meeting to take suggestions towards building a robust data protection framework that will achieve the dual purpose of privacy and innovation and strengthen India’s position as a global tech leader with focus on trust and innovation. In addition, various clarifications on several such issues were given by Deputy Governor RBI, Shri BP Kanungo, who was also present at the meeting.

Shri Piyush Goyal requested the representatives of associations of kirana stores, traders and retailers to send all suggestions for the draft e-Commerce policy. The e-Commerce policy will be finalized only after taking into account every suggestion received by the Ministry. He also reiterated that India will not allow multi-brand retail by foreign companies and on the pretext of B2B, no entry will be allowed for multi-brand retail.