Policy to focus on export-led growth in future : Niti Aayog CEO Amitabh Kant

By: |
July 25, 2019 9:20 PM

Amitabh Kant said India has huge potential to become a global manufacturing hub for electronics products.

Niti Aayog CEO Amitabh Kant, niti aayog, anitabh kantNiti Aayog CEO Amitabh Kant

Niti Aayog CEO Amitabh Kant on Thursday said India was pursuing a policy of import substitution so far, and in future the country’s policy will essentially focus on export-led growth.

Speaking at an event organised by IAMAI, Kant said India has huge potential to become a global manufacturing hub for electronics products.

“So far, we have been pursuing a policy of import substitution, our policy will essentially become export promotion-led (growth),” he said.

The National Policy for Electronics 2019 has already identified exports of electronics from India to the world, Kant said, adding that mobile devices will be the largest segment, almost accounting for 1/3rd of manufacturing sector.

“So, the government has constituted a committee which includes the Niti Aayog CEO, the finance secretary, DIPP secretary, secretary MEITY.

“We are all working together to see, how we can do large scale manufacturing, how to make India very integral part of the global supply chain,” he said.

Also read: GST Council meet to decide on slashing tax rate for e-vehicles postponed

Kant emphasised that the government remains committed to creating a very conducive environment for manufacturing electronics products in India.

“We will try and push this huge impetus to growth in the context of the Prime Minister’s vision to make India USD 5 trillion economy by 2024 and we will give it the great export orientation to the sector,” the Niti Aayog CEO said.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1IMD Forecast: Normal, dispersed monsoon seen
2Adar Poonawalla urges US to lift ban on jab material exports
3Indian economy in better shape compared to previous COVID-19 wave: CEA