24 spokes of manufacturing chakra to make India a global tiger; cut imports, raise exports

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September 4, 2020 12:43 PM

The government has identified 24 focus manufacturing sectors, which have the potential to expand, scale-up operations, improve quality, and increase India’s share in global trade and value chain.

piyush goyal, commerce minister, trade relations, exports, importsPiyush Goyal said that the identified sectors have the capacity to substitute imports and push exports.

Commerce Minister Piyush Goyal today said that 24 focus manufacturing sectors have been identified which have the potential to expand, scale-up operations, improve quality, and increase India’s share in global trade and value chain. Piyush Goyal added that these sectors have the capacity to substitute imports and push exports. India is being seen in the world as a trusted and resilient partner in the global value chain, he further said. Earlier, the government had identified “champion sectors” including leather, gems and jewellery, renewable energy, pharma, and textiles, to facilitate investment with a focus on improving India’s manufacturing capabilities.

Piyush Goyal underlined that India’s exports and imports are showing positive trends and the trade deficit is narrowing. Indicating the revival in exports, he said that the exports are approaching the last year’s levels. Regarding imports, he added that the positive thing is that the capital goods imports have not declined, as the fall is mainly in crude, gold, and fertilizers. The government is in the process to generate more reliable trade data so that there can be better planning and frame policies accordingly.

Also Read: FM Sitharaman asks banks to not assess borrowers’ creditworthiness on basis of coronavirus-led crisis

The commerce minister was meeting with the heads of various Export Promotion Councils (EPCs), to discuss the issues concerning India’s global trade, ground-level situation, and problems being faced by the exporters. The minister highlighted that the capping of Rs 2 crore will not affect 98 per cent of the exporters who claim benefit under the Merchandise Export from India Scheme (MEIS). He said that the government has already announced the Remission of Duties or Taxes on Export Products (RoDTEP) scheme for exporters to take the place of MEIS, and a Committee has also been set up to determine the ceiling rates under the RoDTEP scheme. The new scheme is expected to reimburse the embedded taxes and duties already incurred by exporters.

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