Exporters to get Rs.88,000cr insurance coverage
The Prime Minister Narendra Modi has urged stakeholders in the Indian commerce and trade to put all their efforts to take advantage of the new opportunities created by the changes in the Global Supply Chain in Post-Covid World.
“Considering the size of our economy and potential, our manufacturing and service industry base, there is tremendous potential for export growth.
“When the country is moving towards the mission of Atmanirbhar Bharat, one of its goals is to increase India’s share in exports manifold,” he said during interaction with Heads of Indian Missions abroad and stakeholders of the trade and commerce sector via video conference on 6 Aug 2021.
“To achieve this, we have to make sure that we get access to the global supply chain, so that our business can scale and grow. Our industry will also have to move towards the best technology, focus on innovation and increase share in R&D.
“Our share in the Global Value Chain will grow only by following this path. While encouraging competition and excellence, we have to prepare global champions in every sector,” he stressed.
The Prime Minister listed four factors that are very important for increasing exports. Manufacturing in the country has increased manifold and that has to be qualitatively competitive. Second, The problems of transport, logistics should be removed for that centre, states and private stakeholders will have to work continuously. Third, The government should walk shoulder to shoulder with the exporters and, finally, the international market for Indian products needs to be expanded.
“Only when these four factors are synergized, India will be able to achieve the goal of Make in India for the world in a better way.”
The Prime Minister said the governments, both at centre and states, are also focussing to reduce the time and cost of logistics in the country. For this, work is going on at a rapid pace in every level to create a multimodal connectivity.
Recently, the Government has taken a major decision for exporters to get a boost of about Rs.88,000 crore in the form of insurance cover. Similarly, by rationalizing the country’s export incentives an be WTO compliant.
Modi urged the stakeholders to accelerate our existing exports and also work to create markets, new destinations for new products. At present, almost half of Indian exports are to only 4 major destinations. Similarly, about 60% of the exports are related to Engineering Goods, Gems and Jewellery, Petroleum and Chemical Products and Pharmaceuticals.
He underlined the need to find new destinations and also take new products to the world, adding that with the opening of sectors like Mining, Coal, Defense, Railways, Indian entrepreneurs are also getting new opportunities to increase exports.
The Prime Minister said to the Ambassadors, officials from the Ministry of External Affairs that in whichever country they are representing India, they must understand the needs of that market very well.
He asked the envoys to act as a bridge for the commerce industry and India Houses present in different countries should be representatives of the manufacturing power of India.
He told the Ministry of Commerce to put in place such a system so that there is a constant communication between Indian exporters and the country’s overseas missions.
The Prime Minister said, “For maximum benefit to our economy from our exports, we have to build a seamless and high quality supply chain within the country as well. For this we need to build a new relationship and a new partnership.”
He also requested all exporters to strengthen partnership with MSMEs, farmers and fishermen, promote and support homegrown startups.
The Prime Minister gave a call to establish a new identity of Quality and Reliability. “It is our endeavor to create a natural demand for high value-added products of India in every nook and corner of the world.”
He assured the industry and all the exporters that the government will support them in every way.
External Affairs Minister S. Jaishankar highlighted the unique character of the event held by the Prime Minister with missions abroad and stakeholders from the industry as well as exporters.
While the theme of the event is ‘Local goes Global’, the Indian Missions also need to be globally local to help connect Indian producers with the demand in specific countries.
Commerce Minister Piyush Goyal noted that the global economic environment is favourable. “We should look at leveraging comparative and competitive advantages with respect to other countries for increasing our exports.”
Heads of Indian Missions gave their inputs and suggestions to increase India’s exports. They talked about setting sector and region specific trade targets, the need to focus on value addition, quality standards of products, supply chain diversification, ensuring reliability in supplies and improving connectivity.
The envoys said that there is a need to focus on new markets and region specific products, while at the same time, maintaining competitive edge in the regions and products where “we are doing well currently”. #exports #manufacturing #investment #incentives #economy /fiinews.com
