NewDelhi: Prime Minister Narendra Modi has urged industrialists across the country to look for ways to push India’s export output, a move that according to him, shall spur employment generation in a subcontinent, which is still feeling the after-effects of Covid-19-induced lockdowns.
“ Indian exports currently account for 20 percent of the GDP. Considering the size of our economy, our potential, the base of our manufacturing and service industry, it has the potential to grow a lot,” he declared. The observation was made on 6 August 2021, while he was addressing industry representatives and Indian Missions stationed abroad on the “Local Goes Global – Make in India for the World” initiative, over a video conference.
Notably, the Centre is aiming to raise merchandise export to approximately USD 400 billion by 31 March 2022 and has already managed to meet around one-third of the targeted volume, as of July 2021.
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The Prime Minister also urged Indian missions stationed abroad to help develop new markets for goods and consumables produced in the country, claiming that the government is willing and eager to work with industry participants for pushing exports.
“For expanding its share of exports in global trade, India needs to have a seamless and high-quality supply chain”, and low-cost logistics, he added.
In his speech, he also emphasized the need to outline the country’s economic roadmap for the next 25 years.
Meanwhile, Confederation of Indian Industry (CII) Director-General, Chandrajit Banerjee Said that PM Modi’s aspirational goal of achieving the 400 bn export target is attainable given the surge in post covid demand across the globe after Covid induced lockdown.
He reiterated on behalf of CII, that the government’s focus on simplification of procedures will help exporters in enhancing their capabilities in both new and existing markets.
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