May 28: Shri Piyush Goyal, Union Minister for Commerce & Industry and Railways, today, through Video Conference, participated in the Digital Summit on Exports organized by the Confederation of Indian Industry (CII). EXIM Bank of India was the Institutional Partner for the Summit.
Addressing the Summit, Shri Goyal said that the future of growth lay with industry and the private sector, with the government having a lesser role to play. The minister identified three important ways to increase India’s exports: reviving manufacturing, diversifying the exports basket, and finding newer and more accepting markets. He emphasised that the diversification of exports, in addition to consolidating current areas of strength, is necessary for our economy to grow. He stated that India has a huge opportunity to promote indigenous production in auto component sector, furniture, air conditioners, and others. He said that MeitY is promoting electronics production, in pharma we are encouraging API manufacturing, and in the agri export sector the opportunity is huge. He said that in the IT related service, the world recognizes the Indian expertise and prowess, and hence we have asked the NASSCOM to target for $500 billion export in the sector in next five years.