The commerce ministry and external affairs ministry should work together to achieve India’s export targets, said Prafulla Chandra Mishra, Statistical Advisor, Directorate General of Foreign Trade under the Ministry of Commerce and Industry on Wednesday.
While speaking at an event of PHD Chamber, he said that PM Modi has proposed a 3T strategy focusing on trade, tourism and technology to strengthen Indian economic diplomacy.
“This can be done by utilising India’s overseas missions and embassies,” Mishra added. He further explained the methodology of export targeting.
Notably, India is aiming to achieve exports of USD 1 trillion each in merchandise and services by 2030. “It is important to achieve an overall compounded annual growth rate (CAGR) of 14.47 per cent including a merchandise CAGR of 12.05 per cent and services CAGR of 17.39 per cent,” Mishra stated.
Sanjay Aggarwal, Former President, PHDCCI called for reducing the gap between exports and imports. He observed that India has been importing on a higher side and exporting less which needs to be addressed. All MSMEs must explore the favourable export destinations on the back competitive infrastructure provided by the government.
Aggarwal also called for rationalisation in customs duties for facilitating exports.
Manoj Pant, Chair, Foreign Trade and Investment Committee shared that trade policy and investment policies form the backbone to enhance the growth trajectory of any economy. Pant called for a focus on skilling and imparting relevant skills to enable MSMEs to focus on producing quality products for promoting exports of indigenous products.
Meanwhile, Vishal Dhingra, Co-chair, Foreign Trade and Investment Committee mentioned exports have witnessed exponential growth in the past few years. There is a need to build capacity and train people.
Dhingra mentioned that free trade agreements (FTAs) between India and other national economies and the production linked incentive (PLI) scheme will drive export growth in India. With phenomenal investment in infrastructure by the government, India can expect a multiplier effect in the growth of exports in the coming years.