Piyush Goyal holds meeting with trade, industry representatives

Speaking to Export Promotion Councils (EPCs) and Industry representatives, Minister stated that the ball is in our court and we have to be ready to take on global competition. He said that Government is doing its best through various measures to support Indian exporters to compete globally, according to an official statement released by the Ministry of Commerce & Industry.

Enumerating initiatives taken, Goyal highlighted that with Gati Shakti, the government is improving connectivity and logistics. The government is also negotiating to sign more FTAs with important trade partners. This will have a direct impact in providing a level playing field in international markets, he added. He emphasized that everybody will have to work hard to achieve true potential of India in terms of global trade, the minister said.

Goyal pointed out that during the financial year 2021-22 India's merchandise exports rose to a record high of $422 billion and all-time total exports of $667 billion - an increase of 34.5 per cent over the previous year.

By July 2022, exports have reached $156 billion (19 per cent higher) - Engineering goods exports $38 billion (8 per cent higher); Readymade garment (22 per cent higher), Agri exports grew by almost 20 per cent till July 2022, driven by rice, marine products & sugar, the minister said.

Stating that the Government has been increasing its international engagement, the Minister underlined the importance of Free Trade Agreements (FTAs). In this context, he urged the industry representatives to study FTAs and identify the areas which have a competitive advantage.

He hoped for an agreement on a multidimensional partnership with UK this year. Minister also appealed to representatives from the industry to take advantage of PM Gati Shakti, PLI, NSWS, EoDB reforms to improve export competitiveness with respect to other manufacturing powerhouses.

During the meeting, a presentation was made on the National Single window system. This scheme is being run by the Ministry of Commerce and Industry to facilitate ease of doing business. Since its inception last year, around 10,000 approvals have already been given under it. (ANI)