The Confederation of Indian Industry (CII) has identified 31 items, including women's apparel, drugs, cyclic hydrocarbons, and furniture, with high potential for exports in a new study on boosting merchandise exports.
The identification of the products comes in the light of moderating export growth in the first quarter of 2019-20 as a result of global trade developments.
CII Director General Chandrajit Banerjee said: "A targeted export strategy that identifies and boosts the right products is imperative for achieving double-digit export growth. An export strategy assumes greater significance given a rapidly changing global trade landscape, shifting of global value chains and new free trade agreements, including mega trade agreements."
In the research paper, "Indian Exports: The Next Trajectory - Mapping Products and Destinations", the industry chamber has suggested a double-pronged approach of expanding domestic production and undertaking targeted promotion in top importing nations to build exports in these items.
To encourage domestic manufacturing, the CII has called for strengthening industrial clusters with related infrastructure and port connectivity. Adopting an integrated value-chain approach for establishing global linkages is another important recommendation which would require interventions such as logistics and infrastructure support, skill development initiatives among others.
Trade and investment agreements and an infrastructure for promoting standards and certifications are needed, said CII. Incentives to encourage greater adoption of technology and innovation and boosting high-tech exports are also suggested.
A key recommendation is the need for developing an export strategy at the state level, based on states' comparative advantages.
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