NEW DELHI: Union Trade and Industry Minister Piyush Goyal told industry associations on Monday that price and quality competitiveness is essential to increase exports which require sector-specific efforts and that The government will engage with each sector to ensure the creation of a strong and vibrant business environment in India.
He asked the export units to report the non-tariff barriers they face in other countries so that India can respond appropriately. “The story is just beginning,” the minister said, urging industry associations to suggest more ways to reduce the burden of compliance, according to an official statement.
While addressing industry leaders, he said the Indian industry has been remarkably successful even during the Covid-19 crisis, as merchandise exports for the first two weeks of August this year have increased by 45% compared to the same period of the previous year. Even compared to the non-Covid period of 2019-20, it is up 32%. Merchandise exports from April 1 to August 14, 2021 jumped 71% from 2020-21 and 23% from 2019-20.
Goyal said it was also time to think about how to achieve future goals. He said that the average applied import tariff by India fell to 15% in 2020 from 17.6% in 2019, the steepest annual drop in about a decade and a half and that our applied tariffs are much lower than the bound rate of 50.8% (admissible limit within the framework of the WTO). With positive momentum, India is working in mission mode to achieve the target of $ 400 billion in merchandise exports by 2021-2022.
Speaking about the goal of contributing $ 2 trillion from exports by 2030, Goyal said the economy was on the road to recovery and India had received the largest inflow of FDI. never recorded in 2020-2021. It jumped 10% to 81.72 billion dollars against 74.39 billion dollars (2019-2020) and FDI in May 2021 is 12.1 billion dollars, 203% more than in May 2020 and 123% more than in May 2019, according to the press release citing it.
Regarding employment, the minister said that more than 54,000 start-ups provide more than 5.5 lakhs of jobs, and more than 20 lakhs of jobs will be created by 50,000 new start-ups over the course of over the next five years.
He said it was time for our industry to expand our capacity, capacity and commitment to develop resilient global supply chains. The relentless efforts of Indian industry are a testament to its global potential and India’s ability to evolve and its industries have truly instilled the spirit of “Sabka Sath, Sabka Vikas, Sabka Viswas, Sabka Prayas,” he said.
Referring to Prime Minister Narendra Modi’s bugle call on August 6, “The local becomes global: made in India for the world,” the minister said, the quality, productivity and efficiency will make the basket of bigger, better and wider India export.
Goyal said the government is also encouraging manufacturing and the government will focus on production-linked incentives (PLIs) worth ??1.97 lakh crore in 13 industries over the next five years, he said.
“The key to success is focusing on the goals, not the obstacles,” he said. Goyal added that Indian industry, through its conviction and commitment, has demonstrated to the world that it can rise to any challenge and overcome it.