Launched: CII Taskforce on Enhancing Exports
Amit Yadav, Director General of Foreign Trade, has emphasised the need for state and district level export policies and action plans going forward.
“We have misaligned our export priorities, where 70% of India’s exports are in raw materials which is only 30% of global product demand,” he said at the Inaugural Session of the Confederation of Indian Industry’s (CII) Digital Summit on Exports with EXIM Bank of India as the Institutional Partner.
Only 30% of the exports are in electronics which is 0.7% of global demand, he added at the session held on 28 May 2020.
Commerce and Industry Minister Piyush Goyal underlined the need to boost exports through three important methods — reviving manufacturing, diversifying the export 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 the Indian economy to grow.
India, he said, has a huge opportunity to promote indigenous production in the auto component sector, furniture, air conditioners, and others.
Goyal also congratulated CII on completing 125 years and the launch of the Taskforce on Enhancing Exports through integration into the Global Value Chains (GVCs).
The Minister said he was committed to working closely with the Taskforce and take action where necessary for the benefit of industry, and the country. fiinews.com
