Prime Minister Narendra Modi on Friday urged industry and exporters to seize the opportunities created in the post-Covid scenario to explore new destinations and expand the export basket to meet the ambitious export target of $ 400 billion.
Addressing Indian missions and export promotion councils about the country’s target of $ 400 billion in goods exports this year, PM modes said four factors, including multiple increases in production, a decrease in logistics costs and an international market for domestic goods, can help boost the country’s outbound shipments.
The Prime Minister also suggested that Indian diplomatic missions abroad test products in their respective countries that India can export.
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Exports currently represent 20 percent of India’s GDP and “given the size of our economy, our potential, our manufacturing and service industries, there is an opportunity” to increase that percentage.
In the post-covid world, there is a debate about the global supply chain and that “we should all use our resources” to open up new opportunities.
Speaking in a video conference with the heads of India’s overseas missions and trade and commerce sector stakeholders, Modi said that the world is shrinking every day due to physical, technological and financial connectivity and in such an environment new opportunities are being created around the world World for the expansion of domestic exports.
The Prime Minister said of India ambitious export target can only be achieved through a holistic and detailed action plan.
He called on the “stakeholders to accelerate our existing exports and also to work to create markets and new destinations for new products”.
Currently almost half of the exports go to just four main destinations. Similarly, engineering, precious stones and jewelry, petroleum and chemical products, and pharmaceuticals account for 60 percent of Indian exports.
He added that as sectors such as mining, coal, defense, railways open up, entrepreneurs will also have new opportunities to increase exports.
Stressing the importance of boosting exports to regain India’s old stake in the world economy, he said stakeholders should make every effort to seize the new opportunities created by changes in the world’s global supply chain after Covid.
“Given the size of our economy and our potential, our manufacturing and service industries, there is enormous potential for export growth. As the country approaches Atmanirbhar Bharat’s mission, one of its goals is to diversify India’s share of exports, “Modi said. The domestic industry will also move towards the best technology, focus on innovation and the share of research and development Need to increase development, he said, adding, while promoting competition and excellence, “we need to prepare global champions in every sector”.
The four factors that are important in boosting exports are: manufacturing, eliminating transportation problems, logistics, rubbing shoulders with exporters, and expanding the Indian basket of products for the international market, he said.
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“When these four factors work together, India can better accomplish Make in India’s goal for the world,” said Modi.
The Prime Minister also noted that the production-based incentive system will not only help to increase the scale of production, but also increase the level of global quality and efficiency.
As an example, he cited seven years ago that India imported about $ 8 billion worth of cell phones, and now it’s $ 2 billion. Similarly, seven years ago the country exported cell phones worth just $ 0.3 billion; now it’s over $ 3 billion.
He also said that India today “sees positive signs not only of economic recovery but also of high growth, so this is a good time to set and achieve high export targets”.
Regarding the role of states in meeting export targets and implementing reforms, he said the central government is working closely with states to minimize regulatory burdens in order to increase exports and investment.
The Prime Minister asked the ambassadors, Foreign Ministry officials, to act as a bridge for the trade industry here.
He demanded that the India houses represented in different countries should also be representative of the manufacturing power of India, and called on the Ministry of Commerce to set up such a system so that there is constant communication between exporters and missions.
The Prime Minister said that in order to get the maximum benefit from our exports for our economy, it was necessary to establish a seamless and high quality supply chain within the country as well.
He also mentioned that the endeavor should be to create a natural demand for high quality Indian products in every corner of the world.
“I assure the industry, all exporters, that the government will support them in every way possible,” he said.
An official statement said that Union Foreign Minister S. Jaishankar said that while the theme of the event is local and global, the Indian missions must also be globally local in order to cater to domestic producers with demand in certain countries associate.
Trade Minister Piyush Goyal said that the global environment is favorable and we should try to use comparative and competitive advantages over other countries to increase our exports.
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