Port Wings, 7 Aug 2019:
As the automobile sector reporting massive job losses and reduction in sales, economic slowdown is clear and visible.
However, Commerce Ministry is taking its best foot forward to keep up the EXIM sector alive and kicking by improving growth in logistics sector.
To make it happen, an interactive session was organized in New Delhi by the Commerce & Industry Ministry on emerging opportunities to enlarge India’s exports to US and China.
During the inauguration of the interactive session, Minister of State for Commerce and Industry, Som Parkash, urged exporters to take this window of opportunity that has opened up due to tariff escalation between the US and China.
Further Som Parkash said that manufacturers must build capacity and make the most of the opportunity that is now available to the country to enlarge its exports to both the US and China.
Speaking at the interactive session Commerce & Industry Minister, Piyush Goyal, said that in order to achieve the target of USD 5 trillion economy India’s exports will have to contribute at least USD one trillion.
Piyush Goyal urged manufacturers and exporters to come forward with data and details which directly and indirectly add to the cost of the products that are being exported like cess paid on coal, electricity and royalty paid on mines. All this adds up to the cost of the export product per unit basis, he added. Commerce and Industry Minister said that the Ministry is working on making India’s export products competitive and simplifying rules and regulations for easy availability of export credit.
Commerce and Industry Minister urged the EXIM community to flag issues regarding availability of land, labour, common effluent treatment plants, cluster development and logistics support required in ports, airports and customs to the Ministry so that it is able to iron out the issues impeding India’s exports and facilitate the exporters to take maximum benefit from the tariff escalation between the US and China.
The Department of Commerce took the initiative to identify and share with Indian exporters and other stakeholders, specific lines where the US would lose competitiveness in China and India has an export potential, and encouraged them to seize this opportunity. Several B2B meetings with Chinese buyers were facilitated through the Indian Embassy in Beijing in addition to inviting Chinese grape buyers to visit Indian grape farms and related units, under the aegis of APEDA.
A section of the industry has opined that some of the conditions like requirements of local experience, are limiting their participation in the Chinese procurement process. Government of India has been engaging with the relevant Chinese Government entities to ensure that Indian companies get market access for their products. Such issues are also discussed in the bilateral meetings from time to time to find solutions to any such restrictions in market access.
The Government of India has taken various measures to extend support to exporters by facilitating Buyers – Sellers meets between potential Chinese importers and Indian exporters to increase exports of sugar, oil meals, Indian rice and grapes. In addition, Indian exporters are encouraged to participate in major trade fairs in China, to showcase Indian products.
With a dynamic leadership like Narendra Modi and his team of result-oriented players, India could certainly come out of this economic slowdown unscathed. This is a hope of all Indian citizens and hope for the best is always the best way to overcome problems.