Union Commerce and Industry Minister Piyush Goyal on Friday, 5 August emphasised on ‘Whole of Govt’ approach to boost exports. Interacting with the Export Promotion Councils (EPCs) and representatives of Industry associations at New Delhi on Friday, Goyal reviewed the Export scenario of the country. He said that the ‘Whole of Govt’ approach to boost exports would require exporters, EPCs, govt agencies and Indian missions abroad to work together. He further stated that the ball is in our court and we have to be ready to take on global competition. He said that government is doing its best through various measures to support Indian exporters to compete globally.
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Measures Taken By The Government:
Enumerating initiatives taken, he highlighted that with Gati Shakti, government is improving connectivity and logistics. Government is also negotiating to sign more FTAs with important trade partners. This will have a direct impact in providing a level playing field in international markets, he added. He emphasised that everybody will have to work hard to achieve true potential of India in terms of global trade.
Goyal said that the country touched highest ever merchandise exports of $ 422 billion and all-time total exports of $667 billion – an increase of 34.5 per cent over FY21. By July 2022, exports have reached $156 billion (19 per cent higher) – Engineering goods exports $38 billion (8 per cent higher); Readymade garment (22 per cent higher). Agriculture exports grew by almost 20 per cent till July 2022, driven by rice, marine products and sugar.
Recent Arrangements:
Stating that the Government has been increasing its international engagement, the minister underlined the importance of Free Trade Agreements (FTAs). In this context, he urged the industry representatives to study FTAs and identify the areas which have competitive advantage. He hoped for an agreement on a multidimensional partnership with UK this year.
He also appealed to representatives from the industry to take advantage of PM Gati Shakti, PLI Schemes, EoDB reforms to improve export competitiveness with respect to other manufacturing powerhouses.
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