Trade and Industry Minister Piyush Goyal said on Wednesday that India has the potential to reach $1 trillion in services and goods exports by 2030. He stressed the need to making exports the backbone of India’s growth.
Speaking of the challenges thrown up by the COVID 19 pandemic, Goyal said India was able to turn the crisis into an opportunity to realize the huge potential it had to engage with the world from a position of strength.
The minister said “one of the biggest beneficiaries of our hard work during the pandemic has been the service sector, which has grown by leaps and bounds.” “We exported $250 billion in services over the last year and this was achieved despite travel, tourism and hospitality being severely impacted due to Covid-19,” he said. -he adds.
He noted that India made $419 billion in FY21-22, touched $30 billion in exports every month and in March it touched $42 billion. The growth momentum continued in the first 14 days of April with $18.5 billion.
The Minister said: “Production Linked Incentive Programs (PLIs) make our industry competitive by bringing economies of scale and will help us create global champions.”
Talking about the recent decision to remove import duties on cotton, the Minister clarified that the decision was made to ensure the accessibility of cotton, especially in a scenario where cotton prices stand at almost twice the minimum support price, making textile exports uncompetitive.
Lower import costs will boost manufacturing, create jobs, increase people’s disposable income, boost investment, demand and economic activity and create a virtuous circle, he added.
The minister said the government also recently removed anti-dumping duties on several raw materials for the same reasons.
Mentioning that our share in global trade in goods was less than 3% in 2021, the minister said there is huge room for growth. For this to happen, the Center and the states must work in tandem, he added and asked district collectors to promote exports in their districts.
Observing that India had the 2nd largest pharmaceutical manufacturing unit approved by the US FDA, Goyal called on all pharmaceutical units large and small to adopt Good Manufacturing Practices (GMP) and global quality standards in all processes. He said India should strive to become a member of the Pharmaceutical Inspection Co-operation Scheme (PICS) so that we can successfully increase our pharmaceutical exports to $200 billion by gaining the trust of the world through certification.
Powered by Capital Market – Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)