SME Times News Bureau | 28 May, 2020
Union Minister for Commerce & Industry Piyush
Goyal on Thursday, through Video Conference, participated in the Digital Summit
on Exports organized by the Confederation of Indian Industry (CII). EXIM Bank
of India was the Institutional Partner for the Summit.
Addressing the Summit, Goyal said that the future
of growth lay with industry and the private sector, with 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 emphasised that the diversification of exports,
in addition to consolidating current areas of strength, is necessary for our
economy to grow. He stated that India has a huge opportunity to promote
indigenous production in auto component sector, furniture, air conditioners,
and others.
He said that MeitY is promoting electronics
production, in pharma we are encouraging API manufacturing, and in the agri
export sector the opportunity is huge.
He said that in the IT related service, the world
recognizes the Indian expertise and prowess, and hence we have asked the
NASSCOM to target for $500 billion export in the sector in next five years.
AatmaNirbhar Bharat, he said, is not just about
greater self-reliance, but also engaging with the world from a position of
strength. He said that India should be seen as a dependable partner and
reliable friend in the world market, particularly when the global supply chains
are undergoing rejig.
Talking about the Prime Minister’s vision to make
India self-reliant, Shri Goyal said that we should talk from the position of
strength, be competitive, and provide quality products to the world. There
should be killer instinct in us to succeed. No crisis can stop our march, if
there is willingness to take on the challenges head-on.
Goyal congratulated CII on completing 125 years and
the launch of the Taskforce on Enhancing Exports through integration into the
Global Value Chains (GVCs).
He committed to working closely with the Taskforce
and take action where necessary for the benefit of industry, and the country.
He assured the exporting community that the
Government, whether the union or states, are there to provide full support and
are willing to work in partnership.
He said that the country has skilled workforce, and
world class institutions like Universities and research labs, and let us work
for the well-being of 130 crore people of India.
Chandrajit Banerjee, Director General, CII, 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.