Prime Minister unveils strategy to boost exports

Source: Business Standard

Introduction:

The Prime Minister has spelt out a strategy to boost the export of goods from India while interacting with the Heads of Indian Missions abroad and stakeholders of trade and commerce virtually.

India’s Exports Strategy:

The PM pointed out four factors that are very important for accelerating outward shipments from India. These factors are:

• Increasing domestic manufacturing
• Ironing out problems of transport, logistics
• Need for the Centre and state governments to walk shoulder to shoulder with the exporters 
• Expanding the international market for Indian products.

India’s Exports:

• Currently, India’s exports are about 20% of GDP.
• India’s export basket is currently dominated by products with engineering goods, petroleum products, gems and jewellery, pharmaceuticals being the top items.
• Among the exports, merchandise exports over the last nine years have been around $260-330 billion, with the highest ever being $330 billion in 2018-19.
  • The Government of India has set up a target of $1 trillion in 2027-28 for merchandise exports and $400 billion worth of merchandise exports in the current fiscal.

Suggestions:

There is also a need for diversification of India’s export basket as well as identification of new products that can be exported and relevant markets for such items and prepare strategies for that.