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12 Champion sectors identified to boost country’s exports to the tune of Rs 5000 crores says commerce minister Prabhu

India has identified as many as twelve champion sectors to boost country’s exports to the tune of five thousand crores,"  Commerce Minister Suresh Prabhu, said  in a video message on day one of the World Trade Expo 2018 organised by World Trade Centre Mumbai and All India Association of Industries on October 29 and 30.

The Commerce Ministry is working on a strategy of preparing a comprehensive road map to promote India’s export. As a part of this initiative, government of India has called upon the line ministries to discuss export promotion strategy apart from giving targets and ideas to each of these ministries to enhance exports.

The Ministry has already prepared and cleared the agriculture exports policy which will soon be cleared by the Cabinet. Also policies for various territories and regions have been formulated. Commerce Ministry is holding meetings with its counterparts in African countries, where India’s export share is hardly 8 per cent. Similar talks are on with Latin America. The government of India is also identifying potential new markets in Central Asia.

The Ministry of Commerce has also prepared a strategy for champion sectors in services to promote exports. As part of this strategy, 12 champion sectors have been identified with an export potential of Rs 5,000 crore. We are working on this strategy to encourage India’s services sector exports," Mr Prabhu said.

Mr Prabhu further stated that India is poised to increase its share in global trade. India’s exports have recovered and started growing at 9 per cent during the last financial year after declining for several years.  In the current year, India’s exports are growing at 15-16 per cent, despite small blip in last September. 

In the inaugural welcome address Mr Vijay Kalantri, President, All India Association of Industries and Vice-Chairman, MVIRDC World Trade Centre Mumbai, said, "World Trade Expo is one of its kind initiative in the financial capital of India to connect India’s Micro, Small & Medium Enterprises (MSMEs), Startup Companies with global markets. The expo will also promote India’s ambitious policies on Startup India, Digital India, Make in India, Skill Development, apart from trade and investment. The focus sectors of the World Trade Expo are trade/investments, health and personal care, education, agro and food processing, technology, tourism and culture and other areas of economic interest."

 Mr Manoj K. Bharti, Additional Secretary (ED and States), Ministry of External Affairs, government of India, said, "The rise of India is the one of the most significant economic stories of our time. India has the global advantage on three major aspects: Democracy, Demography and Demand.

The long-term growth prospect of the Indian economy is positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India’s cost-competitive and highly efficient and advanced manufacturing sector has attracted international companies to set up research and development labs as well as production and service infrastructure for the global market. These measures will help India realise its goal to attain a $ 7 trillion economy by 2030 from the current $ 2.4 trillion."

 In the concluding remarks, Mr Damian Irzyk, Consul General of Poland in India, said, "The European Union is India’s largest trading partner, accounting for 13 per cent of India’s overall trade. Our bilateral trade in commercial services has tripled to 29 billion Euros in the decade ending 2016.

European Union is also the second largest investor in India with  70 billion Euros cumulative FDI between 2000 and 2017, accounting for a quarter of total foreign investments into the country." Mr Irzyk invited Indian companies to take advantage of the strong consumer market of 38 million people in Poland.

 Mr Ernest Rwamucyo, High Commissioner of Rwanda in India, said, "India and Africa together make a vibrant economy of 3.5 billion people and  5 trillionUS Dollar economy, with greater voice in the world trading regime. In the last 15 years, India-Africa bilateral trade has grown 20 times and today it stands at 70 billion US Dollars. This has the potential to grow much faster and can cross the 100-billion US Dollar mark in the next couple of years."

 "India’s share in world trade is hardly 2.15 per cent, which is far less than its contribution of 3.21 per cent to world GDP. India has signed multiple trade agreements with some countries. These complex agreements make it difficult for Indian exporters to understand the duty benefits, concessions and eligibility conditions to avail these benefits," said Dr Rajan Sudesh Ratna, Economic Affairs Officer, Trade, Investment and Innovation Division, UNESCAP.


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