Help create markets for Indian exports, PM urges missions abroad
NEW DELHI: Prime Minister Narendra Modi on Friday urged Indian missions abroad to help create new markets for Indian exports exploiting the opportunities created by the economic churn due to the pandemic including the setting up of new and resilient supply chains.
Noting that Indian exports were currently about 20% of India’s GDP, the PM expressed the view that this was not commensurate with India’s economic size and manufacturing capacities. “When India is working towards the goal of Atmanirbhar Bharat (self reliant India) one of its goals is to increase the share of Indian exports in the global supply chains,” he told 200 Indian ambassadors and envoys besides members of commercial and economic wings of missions and consulates.
The comments came as government data showed that India exported goods worth a record $35.2 billion in July, signalling that the rapid economic recovery in key western markets was increasing demand for Indian products. The government has set a merchandise exports target of $400 billion for FY22 and $1 trillion in the next five years.
“We have to make sure that in keeping with international demand, we gain access to markets so that our businesses scale up their capacities to meet these demands,” he said at an event attended by more than 13 Union ministers and senior officials of the 30 ministries.
To boost exports, Modi said, manufacturing had to be scaled up with special emphasis on quality of products, transport logistics’ bottlenecks cleared at all levels, the government — both at the central and state levels — need to work closely with Indian businesses and missions need to identify more destinations for Indian products.
“When these four factors come together, then only India’s local products will go global,” he said.
To the envoys, Modi said they should ensure that 75 new products from India find a market in the countries they are posted in to mark 75 years of Indian independence.