Industry guidance sought for transformational export growth beyond US$400bn
Minister of Commerce and Industry Piyush Goyal has told the heads of top Business and Industry Associations to prepay cash-strapped MSMEs to safeguard their viability, while he sought feedback and inputs to ensure continuation of fast rebound of economic activities and high growth rates that are being achieved.
Speaking at a meeting with with industry leaders, he congratulated them for helping the economy bounce back after taking a hit due to the pandemic and for the resilience displayed while grappling with the pandemic, especially in the field of exports.
The growth in services exports, in spite of travel and tourism restrictions, was truly commendable, noted Goyal, saying, “We must aim to reach US$250 billion services exports”.
Indian professionals had demonstrated great success in working from home and therefore the nation had succeeded in meeting every single one of its international commitments, even during the pandemic, earning it the title of being a trusted partner to the world, he pointed out.
Goyal informed that the Government was striving to conclude several ‘Early Harvest Agreements’ relating to ongoing Free Trade Agreements with international markets so that their benefits could reach the industry soon.
An FTA with the UAE was nearing conclusion, negotiations for another trade pact were at an advanced stage with Australia and FTA discussions with Israel were ongoing, he updated the business community leaders on 12 Jan 2022.
A comprehensive fast track dialogue had been initiated on the relaunch of market access negotiations with South Korea, addressing concerns arising out of the previous agreement, he added.
The Minister said that there was an imminent need for upgradation of testing facilities and labs to improve to quality and called upon Indian Industry to support it.
He also asked for the industry guidance for transformational exports growth beyond US$400 billion.
Goyal told industry leaders to be proactive in giving inputs to the government, especially in arenas like FTA negotiations. Industry should become more demanding, he added.
Further, he urged Industry to use Single Window for business processes and approvals to the maximum extent possible and asked them to give suggestions and inputs for further decriminalization of rules and reduction of compliance burdens wherever feasible.
The Minister also asked industry to invest more and place greater emphasis upon Research and Development activities as a business and growth strategy.
Underscoring the Government’s commitment towards infrastructure development and capital expenditure, the Minister assured that the Centre would always support businesses activities.
He also asked industry to use initiatives like the PM Gati Shakti National Master Plan and India Industrial Land Bank to the best possible extent to expand and grow. fiinews.com
