Piyush Goyal, the Minister of Commerce and Industry has said that the Indian export share in Gross Domestic Products (GDP) should rise to a minimum of 20 percent, read a release from the Ministry of Commerce and Textiles. Goyal also said that a strong Rupee will act to be beneficial for exports.
The statement said that if India wishes to be a 5 Trillion dollar economy, then first of all the exports of Goods and Services will have to reach at least a Trillion Dollar mark, although 25 should be good, but at the very least 20 percent is required. He said that the 25 percent mark is being projected so as to support Indian import of Oil. To give strength to the value of Rupee and finance the imports, the exports will have to be pushed up strongly.
While delivering the virtual keynote speech to the ASSOCHAM Annual Session on “The great Reset: Reinforcing India’s Global Positioning”, Piyush Goyal said that a strong currency reflects the strength of a nation and always has a positive impact on the exports. Since India is mostly an importer of Goods, a strong currency will support the Indian economy.
While being hopeful that the Indian exports will reach 410 Billion Dollar in the current Financial Year, Piyush Goyal said that India has already attained 374 Billion Dollars in eleven months of the current financial year, that is, until February, 2022. So regardless of the problems in the northern parts of Asia-Europe, India is on its path not only to achieve 400 Billion Dollar, but chances are high of reaching closer to 410 Billion Dollar.
Calling for the reorientation of the economic laws in order to suit the current needs of the time, he said that there always comes a time in the growth journey of every country when the nation redefines itself and moves forward with newer resolutions. Now is the time that has come in the development journey of India.
Piyush Goyal said that the objective of the ‘AmritKaal’ is to reach new heights of prosperity for India, as well as for the 135 crore citizens of India. There is so much positivity in the world with respect to the position of India and this positivity is because of the hopes and dreams of 130 crore Indians. Piyush Goyal said that now the sentiment of the world has shifted from ‘Why India’ to ‘Why not India’.
He stated that the Covid-19 has given us with a unique chance to attract global manufacturing giants as companies are looking to become more resilient and diversify their supply chains. India just needs to leverage its ‘EDGE’ to achieve an Edge in the global markets:
- Economies of Scale
- Demographic Dividend
- Good Governance, and
- Encourage Innovation in Industry
Piyush Goyal said that the Government has brought in various bold reforms so as to provide an enabling ecosystem for India to reserve a spot in the Global Manufacturing ecosystem. He stressed that the Quality and Productivity will be the hallmarks of India’s coming up manufacturing ecosystem.
The Union Minister said that the Government is identifying focus areas based on our Competitive as well as Comparative advantage. He added that a series of post-budget webinars are being undertaken that emphasis on the different aspects in Defence, Gati Shakti, Make in India for the World, Energy for Sustainable Growth, and so on.
Going forward, Piyush Goyal gave a 3-point Call to Action for the Industry:
- Explore various FTA provisions and use them to its full potential; take active part in existing negotiations, – FTAs are 2-way traffic; we have to be demanders as well as accommodate their demands
- Implant a feeling of pride in the Indian citizens that our products are better than the global products. Make the difference visible through actions. Strive for making the “Made in India” mark compete with global brands, in every category
- Focus on development of aspirational districts and Tier2 and 3 cities, which can become the export hubs of the future.
Piyush Goyal said that, let us all, including the Industry, the Government and the Citizens, work together to reinforce India’s position as a world leader by increasing India’s share in Global Trade, raising the share of Manufacturing in our GDP and aim to reach among the top 3 nations in Global Services Trade.
Read Also: Himalaya can add to the Socio-Economic growth of the region
