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India set to reach $1-trn in total exports by FY 28
Srikar K Reddy
Achieves 50% of $400-billion target of exports for FY 22 by the end of September
Hyderabad: Government of India has been taking numerous measures to increase exports to $1 trillion by financial year 2027-28. By end of this September, the country has achieved 49.5 per cent of the set target of $400-billion exports for FY 2021-22, said Srikar K Reddy, Joint Secretary, Ministry of Commerce and Industry in a video session.
He participated online as the chief guest at a panel session on journey towards export excellence certificate presentation ceremony for EXIM participants organised by Federation of Telangana Chambers of Commerce and Industry (FTCCI) here on Saturday. He said the government is also keen to provide more market access to Indian companies by facilitating free trade agreements (FTAs). .
"India is fast tracking FTAs with countries like the UAE, Israel, European Union, UK, Australia and Canada," Dr Reddy said adding that negotiations with UAE are likely to be concluded by March 2022 to update the FTA. The country recently notified Remissions of Duties and Taxes on Exported Products (RoDTEP) scheme to boost the exports and competitiveness in local markets.
Highlighting other government initiatives, the Joint Secretary mentioned that the interest neutralisation scheme will support exporters for pre and post shipment credit considering the regulatory environment and to facilitate the exporters. He also briefed about the government's initiative – One District One Product Export Hub at every district.
G Seetharam Reddy, Additional Director General of Foreign Trade, Ministry of Commerce, underlined the importance of understanding the rules and regulations of exports and imports and capitalise the opportunities available in international trade. He stressed on organisation of State level and district level meetings as a part of 75 years of Azadi ka Amrit Mahotsav.
K Bhasker Reddy, President of FTCCI, informed about conducting series of skill development programmes to strategise and identify the major challenges in the road map and identify key gaps in skill development, so that the level playing field can be created and manufacturing in India will be both cost and quality competitive.
Gautam Chand Jain, Chairman of Pokarna said about his passion towards exports and shared his journey from a textile trader to becoming one of the prominent exporters of granites and quartz. He had reiterated the importance of ethical trade practices, begin small and be persistent and passionate in business endeavours.
Venkat Jasti, Chairman, Suven Pharma, emphasised to consider the "course knowledge" as a passport to move around the world and be an entrepreneur. He has shown his journey from being a pharmacist, bulk drug producer, contract research manufacturer to clinical contract research manufacturer. His journey was more of innovation driven.
Rajendra Agarwal, Director, Ravi Foods (Dukes Brand) said about his journey to several countries showcasing his product, changing the same as per the market and demand. He has been able to crack the journey by continuous participation in various expos, events and by revamping his products suiting the need of the respective markets.
