New Delhi, Feb 17 (NationPress) Indian exporters can anticipate a bright future as trade conditions show improvement, stated Department of Financial Services (DFS) Secretary M. Nagaraju on Tuesday.

While addressing attendees at the 10th edition of ‘Exim Bazar’, hosted by the Export-Import Bank of India, he remarked that the reduction of US tariffs from 50% to 18% and significant trade agreements with both the United States and the European Union nearing finalization bode well for Indian exports, particularly in the handicrafts sector.

“Indian businesses now hold greater global opportunities,” Nagaraju stated.

“With the upcoming trade agreements with the US and EU and the rollback of hefty tariffs by America, exporters can look forward to enhanced access to international markets,” he added.

Nagaraju commended Exim Bank for its unwavering assistance to micro, small, and medium enterprises (MSMEs), especially artisans engaged in handicrafts and handlooms.

He extended congratulations to the bank’s employees and the artisans who have showcased their work at the annual event for the past decade.

“Numerous artisans have reported improved sales and enhanced product quality due to institutional support and exposure to global buyers,” he noted.

He explained that Exim Bank functions on two fronts: on one hand, it offers government-to-government Lines of Credit on behalf of the government; on the other, it engages in commercial operations that directly aid exporters by sourcing funds from international markets and providing financial support to businesses.

Nagaraju also highlighted the recently launched export mission and a guarantee support framework initiated by DFS to assist exporters in overcoming global trade challenges.

He mentioned that the guarantee scheme is performing effectively, helping to mitigate the impact of adverse international developments on exporters.

Regarding the influence of artificial intelligence on trade, Nagaraju remarked that AI will enhance connectivity and access to information.

However, he emphasized that technology cannot substitute for product quality, particularly in traditional sectors such as handicrafts.

He asserted that India's handicraft and handloom products are intrinsically linked to the nation's culture and heritage, and they must continue to compete on both quality and price in the global market.

“While AI can assist with marketing and outreach, the ultimate purchasing decision of buyers will rely on the inherent strength of the product itself,” he concluded.