For the first time in India’s history, the Government has identified 12 champion sectors and line ministries to promote exports and India is poised to increase its share in global trade,” Suresh Prabhu, Minister of Commerce & Industry and Civil Aviation, highlighted in a video message to the World Trade Expo 2018 in Mumbai on Monday.
“In 2017-18, India’s exports recovered from several years of decline and started growing at 9%. I am happy to share that the recovery of India’s exports has started during my tenure as Minister of Commerce,” the Minister stated in his message at the event which was organized by World Trade Centre Mumbai and All India Association of Industries.
In the current year, India’s exports are growing at 15-16% — despite a small blip in last September – and the Ministry of Commerce is working on a strategy of preparing a comprehensive road map to promote India’s export. As a part of this initiative, the Government of India has called upon the line ministries to discuss export promotion strategy, apart from giving targets and ideas to each of these ministries to enhance exports.
The Ministry of Commerce has already prepared and cleared the agriculture exports policy, which will soon be cleared by the Cabinet. While policies for various territories and regions have been formulated, the Commerce Ministry is holding meetings with its counterparts in African countries, where India’s export share is hardly 8%. Besides similar talks going on with Latin America, the Government of India is also identifying potential new markets in Central Asia.
“The Ministry of Commerce has also prepared a strategy for champion sectors in services to promote exports. As part of this strategy, 12 champion sectors have been identified with an export potential of Rs 5,000 crore. We are working on this strategy to encourage India’s services sector exports,” Prabhu said.
Describing the World Trade Expo as one-of-its-kind initiative in the financial capital of India to connect India’s Micro, Small & Medium Enterprises (MSME’s), Startup Companies with global markets, Vijay Kalantri, President, All India Association of Industries and Vice-Chairman, MVIRDC World Trade Centre Mumbai, said “The Expo will also promote India’s ambitious policies on Startup India, Digital India, Make in India, Skill Development, apart from trade & Investment. The focus sectors of the World Trade Expo are Trade/ Investments, Health & Personal Care, Education, Agro and Food Processing, Technology, Tourism and Culture and other areas of economic interest”.
Emphasizing the rise of India as +one of the most significant economic stories of our time+, Amb. Manoj K. Bharti, Additional Secretary (ED and States), Ministry of External Affairs, said, “India has the global advantage on three major aspects: Democracy, Demography and Demand. The long-term growth prospect of the Indian economy is positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India’s cost-competitive and highly efficient and advanced manufacturing sector has attracted international companies to set up research and development labs as well as production and service infrastructure for the global market. These measures will help India realize its goal to attain a US$7 trillion economy by 2030 from the current US$2.4 trillion.”
Damian Irzyk, Consul General of Poland in India said, “The European Union is India’s largest trading partner by accounting for 13% of India’s overall trade. Our bilateral trade in commercial services has tripled to Euro 29 billion in the decade ending 2016. The European Union is also the second largest investor in India with Euro 70 billion cumulative FDI between 2000 and 2017, accounting for a quarter of total foreign investments into the country.”
Ernest RWAMUCYO, High Commissioner of Rwanda in India said,“ India and Africa together make a vibrant economy of 3.5 billion people and US$ 5 trillion economy, with greater voice in the world trading regime. In the last 15 years, India-Africa bilateral trade has grown 20 times and today it stands at US$ 70 billion with potential to grow much faster and cross the US 100 billion mark in the next couple of years.”
“India’s share in world trade is hardly 2.15%, which is far less than its contribution of 3.21% to world GDP. India has signed multiple trade agreements with some countries and these complex agreements make it difficult for Indian exporters to understand the duty benefits, concessions and eligibility conditions to avail these benefits.” said Dr. Rajan Sudesh Ratna, Economic Affairs Officer, Trade, Investment and Innovation Division, UNESCAP.
