Piyush Goyal stresses on diversification of exports; calls upon exporters to be competitive

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Union Minister for Commerce, Industry and Railways, Piyush Goyal, during a Digital Summit on Exports organized by the Confederation of Indian Industry (CII) on Thursday, said, that the future of growth lies with the industry and the private sector and that the government has a lesser role to play.

He called upon the Indian exporters to be more competitive and urged them to understand the instrumental role they play in the country’s economy.

While addressing the summit, the minister identified three important ways to increase India’s exports:  reviving manufacturing, diversifying the exports basket, and finding newer and more accepting markets.

“The diversification of exports, in addition to consolidating current areas of strength, is necessary for our economy to grow.”

Piyush Goyal, Union Minister for commerce & Industry and Railways

He further said, “India has a huge opportunity to promote indigenous production in auto component sector, furniture, air conditioners, and others. MeitY is promoting electronics production; in pharma, we are encouraging API manufacturing; in the agri export sector the opportunity is huge. The world recognizes the Indian expertise and prowess of IT related service, and hence we have asked NASSCOM to target for $500 billion export in the sector in the next five years.”

Speaking on the Prime Minister’s vision of an Aatmanirbhar Bharat, he said that it is not just about greater self-reliance, but also engaging with the world from a position of strength. “India should be seen as a dependable partner and reliable friend in the world market, particularly when the global supply chains are undergoing rejig,” he said.

The minister said, “We should talk from the position of strength, be competitive, and provide quality products to the world. There should be a killer instinct in us to succeed. No crisis can stop our march if there is willingness to take on the challenges head-on.”

Mr Goyal, while congratulating CII on the launch of the Taskforce on Enhancing Exports through integration into the Global Value Chains (GVCs), committed to work closely with the Taskforce and take action where necessary for the benefit of industry and the country.

He assured the exporting community that the government, whether of the union or the states, are there to provide full support and are willing to work in partnership.

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