JOIN USThere is a strong need for India to connect to the global market and the ‘Make in India’ campaign is helping the country adapt to the changing demand scenario in the world today, Commerce Secretary Rajeev Kher said on Tuesday.
He was addressing a conference on ‘Expanding India’s Share in World Trade: Manufacturing Revival Holds Key’ organised by the Confederation of Indian Industry (CII), the Ministry for Foreign Affairs, Sweden, and the Embassy of Sweden in India.
“India has 1.4–1.5 per cent of the global share in merchandise exports, 3–3.5 per cent of the global share in services exports, and about 1.7 per cent to 1.8 per cent composite share. He added that India’s merchandise trade reached $764 billion in the current fiscal year. If services exports are taken into account, the number will reach $1 trillion, he said.
Kher, however, said that India needed to adapt to changes taking place globally and produce goods which could be exported to the regions exhibiting growth. “The European Union is on the decline. Africa continues to grow. South-east Asia is growing at a moderate rate. Japan continues to struggle to revive its economy. China’s growth is halting. Interestingly, the small trade share with Central Asia and Latin America shows India’s potential to increase trade with these regions,” Kher said.
Highlighting some of the government’s initiatives, the Commerce Secretary stated that India is creating a foreign trade policy eco-system to foster trade. He called for a change in mindset.