Mantras for Success: Diversification, consolidation in the current areas of strength, and exploration of new markets.
Hon'ble Union Minister for Commerce & Industry and Railways, Shri Piyush Goyal, has participated in the Digital Summit on Exports organized by the Confederation of Indian Industry (CII) through Video Conferencing. The institutional Partner for the Summit is among the EXIM Bank of India
Addressing the Summit, Shri Goyal said that the industry and the private sector will lay the future of growth, while keeping the government having a lesser role to play. The minister identified three important ways to increase India’s exports: reviving manufacturing, diversifying the exports basket, and finding newer and more accepting markets. He also emphasised that the diversification of exports, in addition to consolidating current areas of strength, is necessary for our economy to grow. Indigenous production especially in auto component sector, furniture, air conditioners, and others has the huge opportunity seen by India. MeitY is promoting electronics production, API manufacturing is being encouraged in pharma, and the opportunity in agri-sector is huge, he added. The world recognizes the Indian expertise and prowess in IT Related Services, and hence we have asked the NASSCOM to target for $500 billion export in the sector in next five years.
Not just about greater self-reliance, but also Positioning the Strength engaging with the world is meant by Aatma Nirbhar initiated by PM Modi. Where the Global Supply Chain is undergoing rejig, India should be seen as a dependable partner and reliable friend in the world market. Talking about the PM Modi vision to make India self-reliant, the minister said that we should talk from the position of strength, be competitive, and provide quality products to the world. To Succeed, we all must have a killer instinct in us. Our March can't be stopped by any crisis, if there is willingness to take on the challenges head-on.
Confederation of Indian Industry has launched the Taskforce through integration into the Global Value Chains (GVC) for Enhancing Exports. The ministers commits to extend full cooperation and support while also working closely with the Taskforce. He also assured the necessary actions to be taken for industry and for the country for the exporting community and are willing to work in partnership. India has skilled workforce, Universities and Research Labs having world class institutions.
Further, Confederation of Indian Industry Director, Mr. Chandrajit Banerjee, said that we must carry out all reforms necessary to overhaul our exports and this is the right time to roll them out. Trade logistics, compliance with quality standards, seamless functioning of GVCs, and a robust strategy to leverage FTAs would be key, he said.