Export promotion strategy will be more specific, says commerce secretary
There is a great scope for India to double its exports and further enhance its contribution in the overall global trade ecosystem, especially achieving overall exports target of US$2 trillion by 2030.
Stating this, Sunil Barthwal, Secretary, Department of Commerce, added, “A coherent trade strategy that promotes greater integration and participation of India into Global Value Chains is an imperative.
“Such a strategy will be crucial to achieve the overall target of achieving US$2 trillion overall exports target by 2030.”
Addressing the National Exports Summit, organized by Confederation of Indian Industry (CII) on 20 October 2022 in New Delhi, Barthwal further mentioned the necessity for India to leverage its strength in the services sector to integrate in the value chains.
Highlighting the significance of E-commerce, he added, “India should reap the benefits of the e-commerce in strengthening the capabilities of MSMEs to join the supply chains.”
Affirming the government’s aim to increase exports, the Secretary said that the strategy for export promotion going forward will be more specific which shall include strengthening the data and analytical exercise; increased interaction with exporters; and developing country and sector related strategies as well as targets, among others.
“Our aim is to make Districts manufacturing hubs through enhanced export promotion,” he stressed.
Linda Kromjong, President & Chief Executive Officer, Amfori, noted that EU is increasingly focusing on environmental, human and social due diligence to encourage sourcing from sustainable supply chains.
She pointed out that the traditional sourcing companies from India may consider if improvements in administration, enforcement and capacity building are needed for the businesses’ continued success and for them to remain attractive.
Over the last few years, the Government has taken a slew of reform measures across the areas of manufacturing, trade finance, ease of doing business, trade facilitation and logistics that shall help build the momentum for exports, noted Sanjay Budhia, Chairman, CII National Committee on EXIM & Managing Director, Patton International Limited.
“To reach the target of US$1 trillion, effective collaboration amongst key stakeholders, including relevant policymakers from the Central Government, State Governments, Indian Missions and the Industry is crucial,” he underlined.
“In its efforts to meet the US$8 trillion target by 2047, India needs to invest in replaning R&D as well as invest in Brand India while undertaking aggressive marketing, augmenting skilled labour, and deepening partnerships between the Government and other stakeholders,” underlined Narayan Sethuramon, Co-Chair, CII-NC on EXIM & MD, Sanmar Matrix Metals Ltd. fiinews.com
