'India Needs to Expand Exports': PM Modi's Four Key Tips to Indian Missions Abroad

Prime Minister Narendra Modi on Friday called upon the industry and exporters to take advantage of opportunities created in the post-Covid scenario, explore new destinations and expand the export basket to achieve the ambitious target of $400 billion of exports.

Addressing Indian missions and Export Promotion Councils on the country’s target of $ 400 billion of merchandise exports this year, Modi said that four factors, including multifold increase in manufacturing, reduction in logistics cost, and international market for domestic goods, can help boost the country’s outbound shipments.

“First – manufacturing has increased manifold in the country. Second – the problems of transport, logistics should be removed. Third – the government should walk shoulder to shoulder with the exporters. And fourth, which is related to today’s event, is the international market for Indian products,” he said.

The theme of the address was ‘Local Goes Global – Make in India for the World.’

The Prime Minister also suggested the Indian Missions abroad to look at products in their respective countries that India can export. At present, exports account for 20 per cent of India’s GDP and “given the size of our economy, potential, manufacturing and base of services industry, there is a possibility” to increase this share.

In the post-Covid world, there is a debate on global supply chain and in that “we should use all our force” to tap new opportunities.

“Today the world is getting smaller and smaller every day due to physical, technological and financial connectivity. In such a situation, new possibilities are being created around the world for the expansion of our exports,” Modi said.

According to the Prime Minister, this was not only the time to celebrate the country’s independence, but also an “opportunity to build a clear vision and roadmap for future India”.

Decision to Abolish Retrospective Tax Shows Govt’s Commitment: Modi

A day after taking the bold decision to scrap all retrospective tax demands and refund money collected, Modi said the move shows his government’s commitment to providing businesses stability of investment climate and policy consistency. Modi said exporters know the importance of policy stability. “The decision to abolish retrospective taxation shows government’s commitment (to providing stable investment regime) and consistency of policy,” he said.

The government had on Thursday introduced in the Lok Sabha a bill to scrap retrospective taxation that has spooked overseas investors and dented the reputation of Asia’s third-largest economy.

‘Should be Demand for Indian Products in Every Corner of World’

The PM said India must ensure that it receives access according to international demand. “This will help our businesses to scale up and grow. Our industries need to move towards best technology, focus on innovation and increase share in Research and Development,” he said.

Modi added that domestic mobile phone manufacturing had brought down imports from $8 billion to $2 billion, and had boosted exports from $0.3 billion to $3 billion.

“This is the time for us to establish a new identity of quality and reliability. We have to try that there is a natural demand for high value-added products of India in every nook and corner of the world,” he said.

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