India's exports to touch $410bn in FY22: Goyal
Premium- He further said that India’s exports share in GDP should rise to at least 20% as India needs to continue to finance oil imports and strengthen the rupee in the days to come.
BENGALURU : India's exports will likely exceed the annual target and touch $410 bn in 2021-22, commerce and industry minister Piyush Goyal said on Monday at an industry event.
He further said that India’s exports share in GDP should rise to at least 20% as India needs to continue to finance oil imports and strengthen the rupee in the days to come.
“Irrespective of problems that we have in the northern parts of Asia-Europe, we are well on track not only to achieve 400 ($400Bn of exports), I am hoping closer to 410 (410Bn)" said Goyal in his address at the Assocham Annual Session on “The great Reset: Reinforcing India’s Global Positioning".
As part of the 3-point call to action for the industry, Goyal urged the industry to explore various FTA provisions and use them to its full potential. "Take active part in existing negotiations. FTAs are two-way traffic. We have to be demanders amd also accommodate their demands," said Goyal.
The minister also asked the industry to focus on development of aspirational districts & Tier 2 & 3 cities so that these can emerge as future export hubs.
He also called for the reorienting of economic laws to suit the changing needs of time.
“We will have to look at all of our traditional ways of working or doing business afresh," said Goyal.
He highlighted that COVID-19 has presented India with a unique opportunity to attract global manufacturing giants as companies look to become resilient and diversify supply chains. He added that the industry needed to leverage ‘EDGE’ to give India an Edge in the global competition- Economies of Scale, Demographic Dividend, Good Governance, & Encourage Innovation in Industry.
Goyal stressed that quality and productivity will be hallmarks of India’s future manufacturing ecosystem.
"Government is identifying focus areas based on our competitive advantage and comparative advantage. Union budget 2022 has reinforced our commitment to an Aatmanirbhar Bharat," said Goyal.
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