New Delhi, 9 August: India’s Prime Minister Narendra Modi asked industry representatives on Friday to look at ways to increase exports, a move that could help boost employment in Asia’s third largest economy still recovering from a Covid-19-induced slowdown.
“At present our exports are about 20 percent of 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,” Modi said.
Modi was addressing industry representatives and Indian Missions abroad on ‘Local Goes Global - Make in India for the World’ through a video conference.
He said Indian exporters should take advantage of the new opportunities created by changes in the global supply chain in the post-pandemic world.
India’s goal is to raise its merchandise export to $400 billion in this fiscal year to March 31 and has met nearly a third of this target in four months to July.
Modi urged Indian missions overseas to help develop new markets for Indian goods and said the federal government would work with the industry to boost exports.
For expanding share of its exports in global trade, India needs to have “seamless and high-quality supply chain” and low-cost logistics, he said.“This is the time for us to establish a new identity of quality and reliability. We have to try that there is a natural demand for high value-added products of India in every nook and corner of the world,” he said.
He said India needs to have a roadmap for the next 25 years.
“This is not only the time to celebrate the 75th year of India’s independence, but also an opportunity to build a clear vision and roadmap for future India,” Modi said in Hindi.
Refererring to India’s decision to end the controversial retrospective tax, Modi said the move shows the nation’s “commitment and consistency in policies”.