New Delhi: Country’s export Trade front is likely to register “reasonable level” of growth in the current fiscal despite global uncertainties, Commerce and Industry Minister Piyush Goyal Said. He said clearly, there are signs of a global slowdown in international trade and India is keeping a “vigilant” watch on developments by talking to all Export Promotion Councils and major exporters and engaging with Indian missions abroad.
In the current global situation, “Our exports will stand on the basis of price competitiveness and quality… We will check the export expectations based on the ground reality,” the minister told PTI.
Asked whether the goods export figures worth $450 billion or $500 billion in 2022-23 look ambitious in this situation, he said the ministry is yet to come up with any final figures or the current year’s export target, And it is in consultation with all the stakeholders on that.
“The whole world is facing serious challenges, covid is not over yet… there is a geopolitical situation, which is not conducive, worldwide inflation (a matter) is a matter of concern, petroleum products still high Prices are on the rise, there are food security concerns before us, and fertilizer shortages are reported in many parts of the world.
Goyal said, “In these challenging times, the fact remains that India has structurally prepared itself and strengthened our basic preparedness and capability to expand exports. So expect a reasonable level of growth from last year. May go.”
Indians export of goods According to preliminary government data, imports of gold and crude rose 16.78 per cent year-on-year to $37.94 billion in June, while the trade deficit hit a new high of $25.63 billion, according to preliminary government data.
export growth In June it decreased from 20.55 percent in May and 48.34 percent in June 2021. In 2021-22, the country’s exports of goods and services touched $420 billion and $254 billion, respectively.
Commenting on the new Foreign Trade Policy (FTP), Goyal said the ministry is collecting inputs from all quarters to issue a “robust” policy.
In view of the uncertainty around the world and international trade, the ministry has extended the existing policy till September this year.
“In these challenging times, we are looking at ease of doing business, reducing compliance burden, easing existing laws, developing districts as export hubs, promoting our traditional sectors, where we sell textiles, pharmaceuticals, marine products, other agricultural products, etc. The products are strong like, are promoting handicrafts and handlooms, and leather goods, and we think the demand for these products will be strong in the long run,” the minister said.
The role of states, especially districts, is crucial in promoting India’s outbound shipments.
He said that the government is supporting aspirational districts and northeastern states, and also identifying unique products from each district, which can be promoted in India and across the world.
On ways to scale up those products for export purposes, he said the government can capture those products through better testing facilities, brand building and creating awareness in the world through Indian missions abroad.
“We are also looking at infrastructure support (expansion), which is relevant to these products,” Goyal said.
On the proposal to restructure the commerce ministry as the government looks to take exports of goods and services to $2 trillion by 2030, he said the ministry has been working for the past few months to design it on a more forward-looking pattern. Used to be. Trade promotion for goods and services becomes an integral part of its activities.
“The structure of the Ministry of Commerce was something that should have been decided several decades ago and it continues in that way… For the development of the nation, international trade is very important. In this situation, we believe that the whole of commerce There is a need to make the ministry of affairs more contemporary.”
He said the process has started in a small way but only after more discussions with other ministries, industry and exporters can a big change be made.
On the valuation of the rupee against the US dollar, he said that today the value of the domestic currency has not depreciated against the US dollar as much as other currencies.
“So, if you look at a relative depreciation, the rupee has really strengthened against many of the world’s currencies. This is the strength of the Indian economy,” the minister said.