The Confederation of Indian Industry (CII) has described Prime Minister Narendra Modi’s target of USD 400 billion in exports as attainable. This is in light of the economic recovery post-pandemic and rising competitiveness of Indian goods.
The CII in an official statement said the strategy of exports along with taking all players on board would yield notable outcomes with the comprehensive policy announcements and would help India take a winning leap forward as a $5 trillion economy in the near future.
Chandrajit Banerjee, the Director-General of CII, said the PM has set an aspirational, but very much attainable target of USD 400 billion in exports for the year. “At the current juncture when global value chains are in flux, the multifold strategies to promote exports coupled with a whole-of-government approach make this a moment for India to seize,” he said. “The draft National Logistic Policy, boost for project exports and enhancing export insurance cover offer significant encouragement to catalyse exports to new peaks.”
Banerjee said the PM’s address speaks volumes of the government’s commitment towards Atmanirbhar Bharat mission for economic growth, a vision based on net exports and making India competitive. “The government’s focus on new and existing markets and products and simplification of procedures will greatly enhance the competitiveness of Indian exports. The industry would work with the government on the districts as Export Hubs initiative and level with the state and district authorities for capacity building of potential exporters.”
Also Read: Goodmeetings raises USD 1.7 million in pre-Series A round
He also lauded the Center’s efforts to foster globally competitive firms. “Over the recent years, the Government of India has been at the forefront in creating a conducive regulatory environment that fosters globally competitive firms. “Several reform initiatives have been introduced in the domain of trade and investment which have been the key to enhance the export potential of the Indian economy. The Government has been very proactive during the lockdown period and has extended all possible help and support to the industry as a whole and exporters in particular.”
Banerjee added that industry concerns were resolved on an almost real-time basis.
Pingback: The Reserve Bank of India (RBI) has kept key interest rates unchanged.