After the Union Budget, India Inc — which was asked by the government to suggest ways in which to reach $1 trillion economy in the next four years — has suggested upping exports as one of the ways.
Industries body CII Identified 14 new products including electrical machinery and equipment, machinery, apparel, chemical products, plastics and 41 new markets including Malaysia, Japan, Singapore, Vietnam, Canada which can be explored to fast-track exports for a $1 trillion economy.
“The recent surge in India’s exports is heartening evidence of the country’s economic resilience, manufacturing prowess, entrepreneurial talent and ingenuity which have enabled the nation to align with global demand, even at a short notice. With a holistic and aggressive approach, the aim to achieve $1 trillion in merchandise exports by 2030 is indeed achievable if India undertakes a strategic mission,” said T V Narendran, President, CII.
In its report ‘Achieving $1 trillion in merchandise exports: A Roadmap’ CII has outlined products and destination markets that India should focus on and highlights a range of policy actions towards meeting the target.
"The need of the hour is for India to integrate closely with global value chains and to attract FDI inflows in its key sectors," it said.
Based on the potential to gain global share, 14 products have been identified in the CII report as those which can contribute the most to the increase in exports. These include vehicles, textiles, electrical machinery and equipment, machinery, apparel, chemical products, plastics, pharmaceuticals, etc.
The report also identifies 41 countries where there is scope to expand exports which must be given special attention.
In order to ensure the rise in exports, 9 key recommendations were made in the report encompassing market access on the demand side and domestic competitiveness on the supply side.
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(Published 13 February 2022, 15:08 IST)
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