India’s exports will have to contribute at least $1 tr if the country is to turn a $5-tr economy, Commerce and Industry Minister Piyush Goyal recently said. The Ministry is working on making export goods competitive and simplifying regulations, he told a session on emerging opportunities to expand India’s exports to the United States and China.
Goyal urged manufacturers and exporters to come forward with data and details which directly and indirectly add to the cost of the products that are being exported, such as cess paid on coal, electricity and royalty paid on mines. All this adds up to the cost of the export product per unit basis, he added.
The Minister asked stakeholders to flag issues regarding availability of land, labour, common effluent treatment plants, cluster development and logistics support required in ports, airports and customs to the Ministry so that it is able to iron out the issues impeding India’s exports and facilitate maximum benefit from the tariff escalation between the United States and China.
A section of the industry has conveyed that some conditions like requirements of local experience are limiting their participation in the Chinese procurement process. India has been engaging with the relevant Chinese Government entities to ensure that Indian companies get market access for their products, the report said.