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.
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
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.
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
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.
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
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 $
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.
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."
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.