Surat (Gujarat) [India], August 9 (ANI): Gujarat Deputy Chief Minister Harsh Sanghavi on Sunday called on the state’s business community to work with the government to tap new overseas markets opening up for Indian businesses, saying the country’s expanding global trade opportunities could particularly benefit young entrepreneurs.
“Thanks to PM Modi’s efforts, tremendous opportunities have opened up for India’s youth, especially young Indian entrepreneurs. By working together, with the state government and the business community joining forces, we will fully capitalize on these new markets in other countries that have become available to us,” Sanghavi told reporters in Surat.
His remarks come as India seeks to expand market access for its exporters through trade agreements with major economies.
Surat, a major hub for diamonds, gems and jewellery and textiles, is among the cities expected to benefit from the India-UK Comprehensive Economic and Trade Agreement (CETA), which came into force on July 15.
According to the Ministry of Commerce and Industry, the agreement provides zero-duty access to the UK market for nearly 99 per cent of India’s exports, covering almost the entire value of trade.
The first export consignments from Surat under the agreement were flagged off from the Surat Diamond Bourse on July 15. The shipments included studded and plain gold jewellery, cotton embroidered fabrics and other products, according to an official release by the Press Information Bureau.
The government’s assessment of the agreement estimates India’s gems and jewellery exports to the UK at USD 1.03 billion, against the UK’s annual jewellery imports of around USD 4 billion. Surat and Ahmedabad are among the major gems and jewellery clusters identified by the government as likely beneficiaries of the agreement.
The government has said tariff relaxations under the CETA could potentially double India’s gems and jewellery exports to the UK over the next two to three years.
India’s overall exports of goods and services touched a record USD 863.1 billion in FY 2025-26, according to the Commerce Ministry. Merchandise exports stood at USD 441.8 billion, while services exports reached USD 421.3 billion during the year.
The government has been using free trade agreements to widen market access and diversify export destinations, with labour-intensive sectors among those expected to benefit from improved access to overseas markets. (ANI)
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