Robust, vibrant industry key to achieving $400 bn FY22 merchandise export target: Piyush Goyal

India, he said, is in the process of developing a `Sustainable, Agile, Futuristic and Efficient’ (SAFE) ecosystem to make the country a global hub of manufacturing, Goyal said while interacting with industry associations on various measures to enhance and increase exports.

Goyal appreciated the selfless spirit of all industry associations during pandemic times. He said that with collective will, agility and synergies we turned a crisis into an opportunity, as the country’s merchandise exports for first 2 weeks of August 21 rose  by 45 per cent over 2020-21 and by 32 per cent over 2019-20, while merchandise exports so far during the financial year (1 April - 14 August 2021) increased by 71 per cent compared to similar periods of 2020-21 and by 23 per cent over 2019-20. 

Goyal further said that it is also time to reflect on how to achieve future targets. He said that India’s average applied import tariff dropped to 15 per cent in 2020 from 17.6 per cent in 2019, the sharpest annual fall in about a decade and a half while applied tariffs are way below the bound rate of 50.8 per cent (permissible limit under the WTO), with a positive momentum, India is working in mission mode to achieve target of $400 billion merchandise exports in 2021-22, he said, adding that the government’s aim is to reach the target of $2,000 billion exports by the year 2030. 

Goyal said the economy is on a path of revival and India received the highest ever FDI inflow in 2020-21. It surged by 10 per cent to $81.72 bn from $74.39 bn (2019-20) and FDI during May 21 stood at $12.1 billion, ie, 203 per cent higher than May 20 and 123 per cent higher than May 19. The Minister said that from EoDB to Exports and from Startups to Services, India is taking giant leaps in each sector. 

The minister said that more than 54,000 start-ups were providing ~ 5.5 lakh jobs, and more than 2 million jobs will be created by 50,000 new start-ups in the next 5 years. He said, it is time for our Industry to expand our capacity, capability and commitment to develop resilient global supply chains. He further added that our relentless efforts are a testament to the world of our potential and India’s ability to scale and our industries have truly inculcated spirit of “Sabka Sath, Sabka Vikas, Sabka Viswas, Sabka Prayas”

Speaking about the prime minister’s clarion call of `Local goes Global’ and ‘Make in India for the World’, he said quality, productivity and efficiency will make our export basket bigger, better and broader and help transform lives.

Goyal talked about incentivising manufacturing and that the government’s focus will be on PLI worth Rs1.97 Lakh crore across 13 sectors in the next 5 years, adding that the government is opening up 24 sectors to attract investment, one-stop digital platform to facilitate businesses through Investment Clearance Cell (ICC), One District One Product under which creating a pool of 739 products from 739 districts. The India Industrial Land Bank will be providing a GIS-enabled database of industrial areas, he said. The government, he said, expects industry to should suggest areas for intervention through research, handholding of exporters/manufacturers, deeper engagement with states, greater engagement with missions, etc.

The key to success is to focus on goals, not obstacles,” he said, adding,, “Industry through  conviction and commitment have demonstrated to the world that we can rise to any challenge. It is for the industry associations to play a key role in developing a SAFE ecosystem that is sustainable, agile, futuristic and efficient to make India a global hub of manufacturing and together, we will achieve ‘Sarva Lok Hitam,’ ie, growth of industry with ‘quality driven productivity’. 

Captains of Indian industry and industry bodies such as Ficci and Assocham, as well as top government officials attended the meeting.