India’s economy is not only showing signs of recovery but also positive indicators of high growth rate, Prime Minister Narendra Modi said on Friday.Modi urged the industry and exporters to take advantage of opportunities created in the post-Covid world, explore new destinations and expand India’s export basket to achieve the $400 billion target.The Prime Minister was addressing Indian Missions and Export Promotion Councils on the country's target of $400 billion in merchandise exports this year.In the post-Covid scenario, there is adebate on global supply chains and in that “we should use all our force” to tap new opportunities, he said.Modi said a multi-fold increase in manufacturing, reduction in logistics costs, and international market for domestic goods, can help boost outbound shipments.85119797He asked the overseas Indian Missions to add five new export destinations for Indian goods, and 75 new products for export.“We can create a group of Indian diaspora and they can promote the local goods in the global market. We need to search for new destinations for exports. Diaspora groups with respective states can do virtual summits and can help in branding and marketing (Indian products),” Modi said, adding that states can decide on the top 5-10 products that can be sold to 75 countries.The prime minister said India’s ambitious target regarding exports can be achieved only through a holistic and detailed action plan.He urged the “stakeholders to accelerate our existing exports and also work to create markets, new destinations for new products.”This is crucial as, at present, almost half of India’s exports are to only four major destinations.Similarly, about 60% of the exports are related to engineering goods, gems and jewellery, petroleum and chemical products, and pharmaceuticals.Modi said that with the opening of sectors like mining, coal, defence and railways, entrepreneurs are getting new opportunities to increase exports.“We have to build a seamless and high-quality supply chain within the country as well. For this, we need to build a new relationship and a new partnership,” Modi said.He urged exporters to strengthen partnership with micro, small and medium enterprises, farmers and fishermen, promote startups, and assured them of government’s support.“The next 25 years are valuable for India as in 2047, the country will celebrate 100 years of Independence. Without losing a moment, we must progress with a roadmap,” Modi said, stressing on regaining India’s old share in the global economy.At present, exports account for 20% of the country’s GDP and “given the size of our economy, potential, manufacturing and base of services industry, there is a possibility” to increase this share.The four factors that are important for increasing exports are: manufacturing, removal of problems of transport, logistics, walking shoulder to shoulder with exporters, and expanding the Indian product basket for the international market, he said.“When these four factors are synergized, India will be able to achieve the goal of Make in India for the world in abetter way,” Modi said.The prime minister also noted that the Production-Linked Incentive scheme will not only help in increasing the scale of manufacturing but also increase the level of global quality and efficiency.Talking about the role of states in achieving the export targets and implementing reforms, he said the central government was working closely with the states to minimize regulatory burden to increase export and investment.The prime minister said for maximum benefit to India’s economy from exports, there was a need to build a seamless and high-quality supply chain within the country as well. He also mentioned that the endeavour should be to create a natural demand for high valueadded products of India in every nook and corner of the world.“I assure the industry, all the exporters that the government will support them in every way,” he said.
from Economic Times https://ift.tt/3jtHIpL
No comments:
Post a Comment