Time to focus on value-added exports: Goyal

DAVOS: There is a need to focus more on services sector exports as this can help boost the country’s overall exports, Union minister Piyush Goyal said on Tuesday and called for the government and businesses to support each other.

The presence of India has been very noticeable this time in Davos, Goyal said at a a breakfast session organised by the Confederation of Indian Industry

and Deloitte on the sidelines of the World Economic Forum Annual Meeting 2022 here.

The minister said that despite supply chains having been strained amid global challenges, the country has done exceedingly well in terms of exports and other parameters, referring to the challenges posed by the covid pandemic.

A record level of $250 billion of exports came and an extra focus on the services sector can help improve export growth, according to the minister.

“India now needs to look at value added exports. It is important to bring jobs to the country. Logistics is one cost where the government is very seriously looking at and if there are any other concerns, the industry may have, we are open to look at each of those,” he said.

“We are willing to dedicate senior government officials to oversee large projects. In the larger scheme of things, we all need to support each other to bring scale to the country,” Goyal said.

“India has got not only the demographic dividend and a young population but also a huge talent pool,” he said, urging foreign companies to invest in India.

“Come to India and grow with India because India is the future,” Goyal said.

India’s exports rose to a record high of $421.8 billion during the financial year ended March 2022 despite the covid-19 pandemic and global supply chain disruption and the shipment may surge to $1 trillion by 2030, Goyal said.

India could achieve a target of merchandise and services exports of $1 trillion each by 2030, according to the minister.

INDIA HAS DONE WELL IN TERMS OF EXPORTS DESPITE STRAINED SUPPLY CHAINS AMID GLOBAL CHALLENGES