Updated: 07 Aug 2021 01:06 STI
New Delhi [India], Aug 7 (ANI): Prime Minister Narendra Modi on Friday urged players in the trade and commerce sector to put all their efforts to take advantage of the new opportunities created by changes in the global supply chain in the post world -Covid.
The prime minister, who has interacted with heads of Indian missions abroad and trade and commerce sector stakeholders via videoconference as part of a one-of-a-kind initiative, said that given the size India’s economy and potential, its industrial and service base, there is enormous potential for export growth.
The Prime Minister said that in addition to celebrating the 75th Independence Festival, it was an opportunity to build a clear vision and a roadmap for future India.
“In this, our export ambitions and all stakeholders play a major role. The world is shrinking every day due to physical, technological and financial connectivity. In such an environment, new opportunities are created around the world for the expansion of our exports. ,” he said.
He added that when the country moves towards the Atmanirbhar Bharat mission, one of its goals is to increase India’s share in exports.
“To achieve this, we need to make sure we have access to the global supply chain, so that our business can grow and grow,” he said.
He noted that the industry will also need to move towards the best technology, focus on innovation and increase its share in research and development.
“While fostering competition and excellence, we need to prepare global champions in every sector,” he said.
The Union Minister of Trade and the Minister of Foreign Affairs were also present during the interaction.
Prime Minister Modi said that one of the main reasons India had the highest share of the world economy in the past was its strong trade and exports.
He stressed the importance of strengthening exports to regain the country’s former share in the global economy.
He listed government initiatives to boost MSMEs, such as relaxations given to compliances under Atmanirbhar Bharat Abhiyan and the provision of an emergency line of credit guarantee program of Rs 3 lakh crore.
PM Modi noted that the production-related incentive program will not only help increase the scale of manufacturing, but also increase the level of quality and efficiency globally.
“This will develop a new ecosystem of Atmanirbhar Bharat. The country will get new world champions in manufacturing and exporting,” he said.
He explained how production-related incentives have helped strengthen the cell phone manufacturing sector.
“The mobile phone industry, we are also experiencing its impact. Seven years ago, we imported mobile phones worth about $ 8 billion. Today it has fallen to $ 2 billion. Seven years ago India exported mobile phones worth just $ 0.3 billion. Now it has grown to over $ 3 billion, ”he said.
The prime minister said governments, both at the center and at the states, are working to reduce the time and cost of logistics in the country.
“To achieve this, work is continuing at a rapid pace at all levels to create multimodal connectivity.”
The prime minister said the government is making continuous efforts to minimize the impact of the pandemic.
“It is our best effort to keep the viral infection under control. The vaccination work continues at a rapid pace in the country today. All possible measures have been taken to resolve all the problems of the compatriots and the ‘industry,’ he said. noted.
He added that industry and businesses have also innovated during this period by adapting to new challenges.
The industry also helped the country cope with the medical emergency and also played a role in boosting growth. “This is the reason why today, with medicines and pharmaceuticals, our exports have reached a new level in sectors like agriculture. Today we are seeing positive signs not only of economic recovery, but also of high growth. time to set high targets for exports and achieve them, ”he said.
He said the government was taking the necessary steps to boost exports.
The prime minister said the government had made a major move to get exporters a boost of around Rs 88,000 crore in the form of insurance coverage.
Likewise, by streamlining our export incentives, our exports would be WTO-compliant and also get a boost, ”he said.
The Prime Minister stressed the role of states in achieving export goals and implementing reforms, attracting investment, ease of doing business and building last mile infrastructure.
He said the central government is working closely with the states to minimize the regulatory burden in order to increase exports and investment.
Prime Minister Modi said healthy competition is being encouraged among states to establish export centers within states. States are encouraged to focus on one product in each district.
The Prime Minister said that an ambitious target on exports can only be achieved through a comprehensive and detailed action plan. He urged stakeholders to accelerate existing exports and also to work on creating markets, new destinations for new products.
Right now, almost half of our exports go to just four main destinations.
Likewise, about 60 percent of the country’s exports are related to engineering products, gemstones and jewelry, petroleum and chemical products, and pharmaceuticals.
The prime minister said that with the opening of sectors like mining, coal, defense, railways, entrepreneurs also have new opportunities to increase exports.
The Prime Minister told Ambassadors and Foreign Ministry officials that regardless of the country where they represent India, they understand the needs of that country very well.
He asked them to serve as a bridge for commerce and industry here. He said that the Indian Houses present in different countries should also be representative of the manufacturing power of the country.
He asked the Ministry of Commerce to set up such a system so that there is constant communication between our exporters and our missions.
The prime minister said that in order for the economy to gain maximum benefit from exports, it is also necessary to build a transparent and high-quality supply chain in the country.
“For that, we have to build a new relationship and a new partnership. He called on all exporters to strengthen partnerships with MSMEs, farmers and our fishermen, promote startups and support them.
He emphasized quality and reliability and said: “It is our effort to create a natural demand for high value Indian products in every nook and corner of the world”.
Foreign Minister S Jaishankar said that while the theme of the event is local and global, Indian missions must also be globally local to help connect producers to demand in specific countries.
Trade Minister Piyush Goyal said the global environment is favorable and “we should seek to take advantage of comparative and competitive advantages with other countries to increase our exports.” (ANI)