Union Minister for Commerce & Industry, and Railways Piyush Goyal on Thursday said that 'Aatma Nirbhar Bharat' is not just about greater self-reliance but also engaging with the world from a position of strength, while maintaining that diversification, consolidation in the current areas of strength, and exploration of new markets is the 'mantra' for success.
"Aatma Nirbhar Bharat is not just about greater self-reliance but also engaging with the world from a position of strength. India should be seen as a dependable partner and reliable friend in the world market, particularly when the global supply chains are undergoing rejig," Goyal said in a video conference as part of a Digital Summit on Exports organised by the Confederation of Indian Industry (CII).
Addressing the summit, Goyal said 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 export 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 the auto component sector, furniture, air conditioners, and others.
He said the Ministry of Electronics and Information Technology (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 the next five years.
Goyal congratulated CII on completing 125 years and the launch of the Taskforce on Enhancing Exports through integration into the Global Value Chains (GVCs). He committed to working closely with the Taskforce and take action where necessary for the benefit of industry, and the country.
Chandrajit Banerjee, Director General, CII, said: "We must carry out all reforms necessary to overhaul our exports and this is the right time to roll them out. Trade logistics, compliance with quality standards, seamless functioning of GVCs, and a robust strategy to leverage FTAs would be key."