New Delhi: Trade Minister Piyush Goyal on Saturday asked export promotion councils (EPCs) to raise export target to $ 450 billion- $ 500 billion for FY23 from $ 400 billion for FY22.
Addressing a Mid-Term Review Meeting with the heads of various Export Promotion Councils (EPCs) via videoconferencing, Goyal requested that they hold discussions with all stakeholders before the new Foreign Trade Policy is completed shortly.
Goyal expressed satisfaction over India’s exports bouncing back to touch $ 197 billion in the first half of FY22, and said with 48% targeted volume achieved, the country is on track to achieve $ exports 400 billion this financial year.
“Our exporters have made all of us Indians proud today,” Goyal said, asking “can we aim for a $ 450- $ 500 billion export rate next year.”
The minister said engineering goods had much more potential and Textile exports should aim for $ 100 billion. “You must have seen that we are coming out with plans,” said Goyal, referring to the various PLI schemes recently announced by the Government.
Goyal said the Government is negotiating FTAs with various countries and blocs including the UK, UAE, Oman, Australia, Canada, EU, Russia and the South African Customs Union (SACU) which includes Botswana, Lesotho, Namibia, South Africa, and Swaziland.
Noting that Prime Minister Narendra Modi will unveil his most ambitious infrastructure development vision, – ‘Gati Shakti’ program on Durga Ashtami on October 13, Goyal invited export council chiefs to join the event via video conference and participate with related export sectors infrastructure issues. . “The National Logistics Policy has also recently been unveiled and exporters should highlight their concerns,” he added.
On the issue of high global prices of polymers and uniform application of environment laws that are the input to the plastics sector, Goyal secured the department of commerce to address the environment ministry on allowing import of raw plastic scrap and related issues.
Asking export councils to identify and name exporters whose products fail to meet international standards and are often rejected because of inferior quality, the minister said that the EPCs have not identified specific exporters that are hurting their reputation ‘Made in India’ products in world markets despite repeated reminders. “Quality will define the future of our exports,” he added.
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