Indian Economy News

Vice President calls upon exporters to explore newer markets

The Vice President, Mr. M Venkaiah Naidu, urged exporters to seek out new markets in order to boost exports and keep the economy moving forward.

The Vice President commended all the award winners for their commitment in increasing exports and providing jobs during the presentation of the Export Excellence Awards for Special Economic Zone (SEZ) units and Export Oriented Units in Chennai on April 25. According to him, SEZs and Export Oriented Units (EOUs) account for around one-third of the country's exports.

He described SEZs as an appropriate platform for promoting 'Make in India,' 'Local goes Global,' and 'Ease of Doing Business,' claiming that the country's exports had increased dramatically in recent years as a result of exporters' hard work.

In the just-completed fiscal year 2021-22, Mr. Naidu highlighted that merchandise exports reached a new high of US$ 418 billion. Aside from that, services exports totaled around US$ 250 billion.

The Vice President, calling for a continuation of the current trend, stated that the ambitious 'District Export Hub' project launched by the Government of India in 2019 is likely to boost exports. The majority of the country's 775 districts have the potential to become export hubs.

Mr. Naidu praised Tamil Nadu's well-developed industrial manufacturing ecosystem, stating that the state has grown into the world's largest hub for the production of automobiles and auto components, textiles, leather products, light and heavy engineering, pumps and motors, electronic software, and hardware.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.