India’s exports need to contribute $1 trillion in economy: Piyush Goyal

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July 31, 2019 10:00 PM

A section of the industry has opined that some of the conditions, like requirements of local experience, are limiting their participation in Chinese procurement process.

Piyush Goyal , economyPiyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said India’s exports will have to contribute USD 1 trillion as the country aims to become a $5 trillion economy in the next few years.

Speaking at an interactive session with the exporters, Goyal urged manufacturers and exporters to come forward with data and details which directly and indirectly add to the cost of exported products like cess paid on coal, electricity and royalty paid on mines.

“All this adds up to the cost of the export product per unit basis, he added. Commerce and Industry Minister said that the ministry is working on making India’s export products competitive and simplifying rules and regulations for easy availability of export credit,” an official release said.

Goyal stressed that in order to achieve the target of $5 trillion economy, India’s exports will have to contribute at least $1 trillion, it said.

The minister asked exporters and importers to flag issues regarding availability of land, labour, common effluent treatment plants, cluster development and logistics support required in ports, airports and customs to the ministry.

This would help the ministry to iron out the issues impeding India’s exports and facilitate the exporters to take maximum benefit from tariff escalation between the US and China, the minister said.

Also read: Tax force on direct taxes gets more time to submit report

A section of the industry has opined that some of the conditions, like requirements of local experience, are limiting their participation in Chinese procurement process.

The government, the release said, has been engaging with the relevant Chinese government entities to ensure that Indian companies get market access for their products.

Speaking at the event, Minister of State for Commerce and Industry Som Parkash asked exporters to take the window of opportunity that has opened up due to tariff escalation between the US and China.

Parkash said manufacturers must build capacity and make the most of the opportunity that is now available to the country to enlarge its exports to both the US and China.

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