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"We must enable and empower industry to take advantage of GVCs" – CIM
Dec 17, 2019

Speaking at the Exports Summit 2019 organised by the Confederation of Indian Industry, Mr. Piyush Goyal, in his capacity as Minister for Commerce and Industry, Government of India, emphasized that Indian industry must be enabled and empowered to take advantage of global value chains (GVCs).

Addressing the inaugural session of the Summit, the minister noted that it is important for government and industry to work together to make industry more competitive and more proactive, and that the government is working to bring more predictability to export finance, exports scheme and productivity. The PM office is keen that each of our embassies have a representative from Indian states as well so that there is greater understanding of state level policies for our investors.

Highlighting the NIRVIK scheme also known as Export Credit Insurance Scheme (ECIS), he said that this initiative of the government was meant to address the problems of export financing that industry was facing. 

The minister further noted that the government is stepping up engagement with EU, US, and UK separately, to secure markets for Indian exports even as it withdrew from the Regional Comprehensive Economic Partnership. He ended on the hope that industry will embrace domestic regulation and step up production by taking advantage of the policies the government is rolling out.

Mr. Rakesh Bharti Mittal, Past President, CII, emphasized that there were both demand and supply side constraints which are impacting India’s exports. He iterated that more needs to be done to address the supply side factors and that our products meet the quality standards of the world so that we can step up our exports.

Mr. Sanjay Budhia, Chairman, CII National Committee on Exports, said that there was a need for appointing a shipping regulator in India much like the IRDA in addition to the new enabling policies that the government has taken.

Mr. Chandrajit Banerjee, Director General, CII, noted that the industry body has been working hand in hand with the government to increase India’s exports. It has done various studies identifying potential sectors and markets and also launched the Responsible Export Certification Scheme.

The session ended with the launch of two CII reports -on "India's Exports - Trends, Challenges, and Future Strategy" & "India's Exports to Emerging Economies: Targeting Prospects and Chasing Opportunity"

17 December 2019
New Delhi

 

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