The export target of $500 billion in the next fiscal.
Aggressive marketing of products, timely implementation of free trade agreements (FTA) and cheap credit to MSME companies will help take the country’s exports to $ 500 billion in the next financial year. Commerce and Industry Minister Piyush Goyal in a meeting with the export promotion councils said that the country’s exports are growing at a good rate and now the exporters can target $450-500 billion in exports during the next financial year. Huh.
The exporters also suggested leveraging the potential of e-commerce for inclusive exports and expanding its base by bringing in new startups, artisans, weavers in exports. Ajay Sahai, director general of Federation of Indian Export Organizations (FIEO), said, “The target of $450-500 billion for merchandising exports is quite practical. Since the export base will now get bigger, we have no scope for not being aggressive.
He said exports should be focused on emerging sectors like electronics, vehicles and auto parts, pharmaceuticals and chemicals. Sharad Kumar Saraf, Mumbai-based leading exporter and founder chairman of Technocraft Industries India, said it is possible to achieve exports of $500 billion in 2022-23 as exports will cross $400 billion in this fiscal.
$197 billion has been exported
On Saturday, Goyal had said that exports have reached $197 billion in the first half (April-September) of the current financial year. He said that 48 per cent target has been achieved and exports are on the right track to achieve the target of $400 billion this year. Presiding over a mid-term review of exports with various Export Promotion Councils, he said, “Our exporters have made all of us Indians proud today. We can target exports of $450-500 billion next year.
Negotiations on free trade agreement are going on
He also said that India is a member of various countries including UK, United Arab Emirates, Oman, Australia, Canada, European Union, Russia and associations like Southern African Customs Union (SACU) comprising Botswana, Lesotho, Namibia, South Africa and Swaziland. negotiating free trade agreements (FTAs).
Huge potential in the field of engineering
The minister said that there is a lot of potential in engineering goods and the target of export of textiles should be $100 billion. He said that Prime Minister Narendra Modi will unveil the ‘Gati Shakti’ program on October 13. Goyal invited the heads of the council to attend the program through video conferencing.
Also read, Amidst the coal crisis, there was a huge reduction of 7.2 crore units in the consumption of electricity, tomorrow there may be power cut in many areas of Delhi
Also read: Nitin Gadkari converts his diesel tractor to CNG on reducing dependence on import of crude oil and fuel gases