Goyal looking at global value chains for Indian traders to play greater role in export markets
The recent G20 Trade Ministers’ meet in Jaipur has given a ‘Call of Action’ through which Indian MSME sector will get a significant access to information, which will help them become globally successful exporters, says Commerce and Industry Minister Piyush Goyal.
“We are looking at mapping global value chains so that Indian traders can play a greater role in global value chains and we also focussed on digitisation of trade documentation,” he said, pointing out that India will have almost 90% of global GDP being represented in New Delhi at the G20 Summit in a few days.
The G20 Summit holds significant importance for global trade, for attracting investments to India and for encouraging India’s increasing role in multi-lateral organizations, he underlined.
Expressing confidence that India’s presidency will be recognized and remembered for many years as an action-oriented Summit where significant deliverables were offered to the world, Goyal pointed out in his address to the Northern Regional Export Excellence Award function of Federation of Indian Export Organisation (FIEO) in New Delhi on 29 Aug 2023.
Goyal said that after a long period of a stagnation in exports, India broke the ceiling and crossed US$450 billion of merchandise exports in 2022-23.
Admitting that the current year does show some challenges with geopolitical situation and the impact of that which “we are seeing in certain sectors like petroleum, gems and textiles”, he expressed confidence that “our exporters have the ability and agility to overcome adverse situations”.
He said that we are living in a nation full of pride, a nation full of talent, a nation which is being recognized across the world as the future engine of world economic growth.
India has celebrated three major achievements in the recent days – Chandrayan mission, in sports in form of wins in javelin and chess and the successful engagements in Ministerial Meetings in G20, he said.
Goyal quoted Prime Minister Narendra Modi saying, “Business can transform potential into prosperity, obstacles into opportunity, aspirations into achievements, small or big, global or local, it can ensure progress for everyone.”
This is truly a great vote of confidence in our business community, he said. “You are being recognized and respected for the work that you do and your contribution in our journey towards become a developed nation is being recognized and applauded,” he said.
The Minister said that India was one of the few nations who showed resilience and responsibility during the pandemic.
“We also showed sensitivity to the developing world by providing them vaccines, to many of them free of charge. We showed that under Prime Minister Modi’s astute leadership we will perform and lead global growth,” he said.
“For the next 30 years, India will continue to have a young population and we will add US$30 trillion to become a US$35 trillion economy by 2047,” he said. “Our young, aspirational demography will create a demand for us. Now even the sky is not the limit for us,” he said, alluding to India’s successful space mission.
“We are investing huge amounts of money on infrastructure so that we can get lower logistics cost, so that we can get seamless movement of goods and services and we are ensuring that we get corruption free environment,” Goyal said.
“No power can stop India’s growth now.”
The target for 2030 is to have US$1 trillion of goods exports and US$1 trillion of service exports and this will be met with your hard work and contributions, Goyal added.
He informed the gathering that India is trying to unlock newer markets through FTAs, encouraging investments in modern technology, looking for digitalization and technology adaption to become more acceptable to the world for high quality goods and services so that the true potential of India can be harnessed.
“We should focus on quality, sustainability and innovation and if we keep these in our priority, the world is looking up to India, wants to deal and trade with India and to partner with us in our growth story,” he underscored. Fiinews.com
