IBEF: July 27, 2021
Mr. Piyush Goyal while addressing the Plenary Session of CII- Horasis India Meeting 2021 on India’s Emerging Industry & Trade Architecture applauded the progress in the countrys startup arena as India has 15 more unicorns in the H1 2021. He stated that Indian startups are more than commercial success stories and they are key to India’s transformation.
He said that despite COVID-19 disruptions, there are clear indications of economic revival in India. Exports are going up and FDI inflows are highest. The Minister said that the highest ever merchandise have been logged for exports in a quarter (Q1 2021-22, US$ 95 billion) in the history of India (+18% than Q1 of 2019-20). He added that in July (till 3rd week), exports US$ 22.48 billion, +45.13% w.r.t. same period in 20-21, +25.42% w.r.t. 2019-20.
He further added that labour intensive and employment generating sector of Engineering goods has also registered a growth of +33.70% in 3rd week of July w.r.t 20-21 & +51.2% w.r.t. same period in 2019-20. Goyal said that India has broken into the top 10 list of Agri produce exporters (as per WTO report).
It may be noted that with positive momentum, India is working in mission mode to achieve the target of US$ 400 billion merchandise exports in 2021-22. Goyal said that the Indian growth story is now being reflected across all the sectors from EoDB to Exports and from Startups to Services, India is taking giant leaps in each sector. Addressing the plenary session, the Minister said that today, India is the preferred destination for Industry, Investment & Innovation. This situation has arisen as a result of consistent efforts to bring structural changes in the last 7 years. Some of these key changes include large scale Digitisation, modernisation, Simplification & Facilitation.
He said that under PM, India decided to revolutionise its manufacturing sector by bringing the PLI Scheme - to produce national manufacturing champions in each sector. It may be noted that the Centre has announced the PLI Schemes worth US$ 26 billion covering 13 sectors in the 5 years. PLI scheme will transform India into a Powerhouse of Leading Industries in post COVID world.
Piyush Goyal said that reciprocity & fairness is our mantra in negotiations by taking trade facilitation measures, today, India is changing Non-Tariff Barriers to No Trade Barriers and Indian trade is shifting from “Goods only” to “Goods, Services & Investments” along with job creation.
Speaking about the progress and opportunities in the Textile sector, the Minister said that India’s textile sector is one of the largest employers in India and is now poised to become the largest exporter as well.
Goyal said that all stakeholders of India's economic progress and participants in the session should look for emerging short term and long-term growth opportunities. Vaccines, pharma products, ICT-related goods & services etc are good possible areas of opportunities for immediate & short-term needs exist. In long term, areas like digitisation, clean energy & GVCs remain great areas of growth. Sectors like Agri, Textiles, Engineering goods, Electronics, Marine products, Shipping services etc also offer great opportunities for the nation.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.