India’s exports must contribute USD one trillion to the economy: Piyush Goyal

An interactive session was organized in New Delhi today by the Commerce & Industry Ministry on emerging opportunities to enlarge India’s exports to US and China.

During the inauguration of the interactive session, Minister of Statefor Commerce and Industry, SomParkash, urged exporters to take this window of opportunity that has opened up due to tariff escalation between the US and China. Further SomParkash said that manufacturers must build capacity and make the most of the opportunity that is now available to the country to enlarge its exports to both the US and China.

Speaking at the interactive session Commerce & Industry Minister, Piyush Goyal,said that in order to achieve the target of USD 5 trillion economy India’s exports will have to contribute at least USD one trillion. Piyush Goyal urged manufacturers and exporters to come forward with data and details which directly and indirectly add to the cost of the products that are being exported like cess paid on coal, electricity and royalty paid on mines. All this adds up to the cost of the export product per unit basis, he added. Commerce and Industry Minister said that the Ministry is working on making India’s export products competitive and simplifying rules and regulations for easy availability of export credit.

Commerce and Industry Minister urgedthe EXIM community to flag issues regarding availability of land, labour, common effluent treatment plants, cluster development and logistics support required in ports, airports and customs to the Ministry so that it is able to iron out the issues impeding India’s exports and facilitate the exporters to take maximum benefit from the tariff escalation between the US and China.

The Department of Commerce took the initiative to identify and share with Indian exporters and other stakeholders, specific lines where the US would lose competitiveness in China and India has an export potential, and encouraged them to seize this opportunity. Several B2B meetings with Chinese buyers were facilitated through the Indian Embassy in Beijing in addition to inviting Chinese grape buyers to visit Indian grape farms and related units, under the aegis of APEDA.

A section of the industry has opined that some of the conditions like requirements of local experience, are limiting their participation in the Chinese procurement process. Government of India has been engaging with the relevant Chinese Government entities to ensure that Indian companies get market access for their products. Such issues are also discussed in the bilateral meetings from time to time to find solutions to any such restrictions in market access.

Government of India has been taking continuous and sustained steps to bridge the trade deficit by lowering trade barriers for Indian exports to China. During the 11thsession of India-China Joint Group on Economic Relations(JEG) held in New Delhi on 26thMarch 2018, the two countries agreed to increase bilateral trade in a more balanced and sustainable manner. In this regard, various meetings have been held at the official level with Chinese counterparts as a part of ongoing efforts, to obtain market access for various Indian agricultural, dairy, and pharmaceutical products in light of the potential of these products in the Chinese market. Various protocols have been signed to facilitate export of Indian rice, rapeseed meal, tobacco and fishmeal / fish oil, chilli meal, from India to China.

The Government of India has also taken various measures to extend support to exporters by facilitating Buyers – Sellers meets between potential Chinese importers and Indian exporters to increase exports of sugar, oil meals, Indian rice and grapes. In addition, Indian exporters are encouraged to participate in major trade fairs in China, to showcase Indian products.

Government has been implementing various schemes and programmes to help the domestic industries compete effectively with imports. To promote the domestic manufacturing, schemes like Make in India, Digital India, Software Technology Parks, Electronics Hardware Technology Park Scheme/ Export Oriented Unit Scheme and Special Economic Zone Scheme provide support for promoting domestic manufacturing in the country.

The interactive session was organized by the Department of Commerce and Federation of Indian Export Organisations (FIEO) and attended by Commerce Secretary, AnupWadhawan, FIEO President, S. K. Saraf and officials of the Department of Commerce. Representatives of Export Promotion Councils and trade & industry associations participated actively in the interactive session with the Commerce and Industry Minister.

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