Stressing the need to focus more on services sector exports, Union Minister for Commerce and Industry Piyush Goyal on May 24 said it can help boost India’s overall exports further and called for the government and the businesses to support each other.
Addressing the “Breakfast session Discussion on Trade 4.0” at the World Economic Forum in Davos the Union minister said, despite the pandemic lockdowns and global supply chain disruption India’s exports rose to a record high of $421.8 billion during FY March 2022 and can achieve a target of $1 trillion worth of merchandise and services export each by 2030.
Goyal urged the Indian industry to look at boosting value-added exports and ensure that new jobs came into India instead of raw materials going out of India.
India now needs to look at value-added exports. It is important to bring jobs to the country. Logistics is one cost that the government is very seriously looking at and if there are any other concerns, the industry may have, we are open to look at each of those, news agency PTI reported quoting the minister.
“We are willing to dedicate senior government officials to oversee large projects. In the larger scheme of things, we all need to support each other to bring scale to the country,” the minister added.
Assuring that the government would wholeheartedly support businesses, Goyal urged the industry to bring scale into all economic activities.
Highlighting the government’s bid to bring down logistics costs through measures such as PM GatiShakti, Goyal said that the National Master Plan would help improve infrastructure planning and ensure the implementation of projects within time and budget.
Urging foreign companies to invest in India, Goyal said “India has got not only the demographic dividend, a young population, but also a huge talent pool. Goyal asked the global business leaders to “come to India and grow with India”.
Goyal reiterated India’s position as one of the world’s most preferred investment destinations and told them about the massive scope and range of opportunities it presents to investors globally.