Aim For US$ $450-500 Billion Exports In 2022 : Piyush Goyal

Economy

Aim For US$ $450-500 Billion Exports In 2022 : Piyush Goyal

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India, Piyush Goyal has called EPCs for US$ 450-500 billion exports next year. Addressing a Mid-Term Review Meeting with heads of various Export Promotion Councils (EPCs) through video conferencing, Goyal directed discussions with all stakeholders before the new Foreign Trade Policy is finalised soon. Expressing satisfaction that India’s exports have bounced back touching US$ 197 billion in the first half of FY2021-22, he said 48% targeted volumes have been achieved, and export industry is on the right track. The Minister said engineering goods have much more potential and textile exports should aim for US$ 100 billion. “You must have seen we are coming out with schemes,” said Goyal, referring to the various PLI schemes announced recently. Goyal said the government is negotiating FTAs with various countries and blocs including the UK, UAE, Oman, Australia, Canada, EU, Russia and Southern African Customs Union (SACU) comprising Botswana, Lesotho, Namibia, South Africa, and Swaziland. “Equitable, fair and balanced and to the benefit of the Indian exporters, you will have to raise whatever are your concerns,” Goyal advised, adding mostly issues are related to market access rather than tariffs. Stating that the Prime Minister Narendra Modi unveiled his most ambitious Infrastructure Development vision, - ‘Gati Shakti’ programme on 13th October, Goyal invited the export council heads to raise infrastructure issues of related export sectors. The National Logistics Policy has also been unveiled recently and exporters should flag their concerns, he added. Asking export councils to identify and name exporters whose products fail to meet international standards and are often rejected due to inferior quality, the Minister said the EPCs have not identified specific exporters hurting the reputation of ‘Made in India’ products in the world markets despite repeated reminders. “Quality will define the future of our exports,” he quipped.