While addressing the industry, PM Modi said that they should explore new possibilities for themselves in the present time. He also said that the target of 400 billion exports can be achieved by exploring new destinations and expanding the scope of export goods.
Appeal to take advantage of opportunities created after COVID-19.
The industry believes that the export target of $ 400 billion for the current financial year is achievable, given the current global situation of economic revival after the COVID-19 pandemic. Industry and exporters have expressed the opinion that the competitiveness of Indian products is increasing globally. The PM said that by increasing the scope of export destinations and export goods, we can achieve the ambitious export target of $ 400 billion.
The Confederation of Indian Industry (CII) said that the strategy for exports and taking everyone together will lead to better results. CII Director General Chandrajit Banerjee said, “Prime Minister Narendra Modi has set an ambitious export target of $400 billion for the current fiscal, but it is achievable.” Apparel Export Promotion Council (AEPC) Chairman A Sakthivel. Said that the export would help in increasing the income of the farmers and artisans of the country. Sakthivel said, “The Prime Minister has assured full support. With this, exporters will go ahead and try to achieve the export target of $ 400 billion for the current financial year.
Appeal to find new destinations for export
Prime Minister Narendra Modi on Friday called upon the industry and exporters to identify new destinations for exports, and asked them to take advantage of the opportunities created in the post-COVID-19 scenario. He said that by expanding the scope of destinations and export goods, we can achieve the ambitious export target of $ 400 billion. Addressing the Indian Missions and Export Promotion Councils on Friday on the country’s export target of $400 billion in commodities for the current year, Modi said that there is a manifold growth in manufacturing, including reduction in logistics cost and an international market for domestic products. There are four such factors, through which the country’s exports can be increased.
Identify Exported Products Merchant
The Prime Minister asked the Indian missions abroad to identify the products that India can export in their respective countries. He said that at present the share of exports in the country’s Gross Domestic Product (GDP) is 20 percent. “This share can be increased depending on the size of our economy, capacity, manufacturing and services sector.” He said that in the post-Covid world, there is a debate about the global supply chain. We have to take advantage of these new opportunities with all our might.
Appeal to accelerate exports
In an interaction with the heads of Indian missions abroad and stakeholders related to trade and commerce through video conferencing, Modi said that the world is shrinking due to physical, technological and financial connectivity and in such an environment there is a need for expansion of domestic exports across the world. New possibilities are arising. The Prime Minister said that India’s ambitious target of exports can be achieved only through a comprehensive and comprehensive action plan. He asked the concerned parties to accelerate the existing exports and create markets for new products and work to explore new destinations.
60 percent export of only four things
At present, about half the exports go to only four major destinations. Similarly, about 60 per cent of India’s exports are related to engineering, gems and jewellery, petroleum and chemical products and pharmaceutical sectors. He said that with the opening of new sectors like mining, coal, defence, railways, entrepreneurs are getting new opportunities to increase exports. The Prime Minister emphasized on strengthening exports to achieve the earlier share of Indian in the global economy. He said that the concerned parties should make every effort to take advantage of the new opportunities created by the changes in the global supply chain after COVID.
India is fast becoming self-reliant
Modi said, “Given the size and potential of our economy, the base of our manufacturing and services industry, there is great potential for export growth. While the country is moving towards self-reliant India mission, one of the goals is to increase India’s share in exports manifold. He said that the domestic industry will have to move towards better technology, focus on innovation and increase its share in R&D. “We have to make global ‘champions’ in every field.”
Four things are important to increase exports
The Prime Minister said that the four things that are important to increase exports are manufacturing, transportation, solving logistics problems, going shoulder-to-shoulder with exporters and expanding the scope of Indian products for the international market. Modi said, “When these four things are in sync, then India will be able to achieve the goal of ‘Make in India’ for the world in a better way.”
The quality level will also have to be improved
The Prime Minister also said that the Production Based Incentive Scheme will not only help in increasing the scale of manufacturing but will also raise the level of global quality and efficiency. Giving an example, he said that India used to import mobile phones worth about $ 8 billion at one time, but today it has come down to $ 2 billion. Similarly, seven years ago, the country used to export mobile phones worth only $300 million and now it has increased to $3 billion.
Need to reduce regulatory burden
Modi said, “India is not only seeing positive signs of revival in the economy today, but there are also signs of higher growth. That’s why this is the right time to set a high target for exports and achieve it. Working together to increase exports and investments.
Need to maintain constant liaison with exporters
The Prime Minister asked the ambassadors, officials of the Ministry of External Affairs to act as a bridge for the commerce industry here. He urged that the ‘India House’ present in different countries should also be representative of India’s manufacturing power. He requested the Ministry of Commerce to make such a system so that there is continuous communication between the exporters and the missions.
Supply chain needs to be strengthened
The Prime Minister said that for maximum benefit to our economy from our exports, there is a need to create an uninterrupted and high quality supply system within the country as well. Modi said that efforts should be made to create a natural demand for high value added products of India in every nook and corner of the world. He said, “I assure the industry, all the exporters that the government will support them in every way possible.”
The goal of ‘Local Go Global’ should be
Speaking on the occasion, External Affairs Minister S Jaishankar said that while the theme of the event is ‘Local Go Global’, Indian Missions are also invited to participate globally to help domestic producers connect with demand in specific countries, according to an official statement. needs to be local. Commerce Minister Piyush Goyal said that the global environment is favorable and we should take advantage of comparative and competitive advantages with respect to other countries to increase our exports.
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