NEW DELHI: While indicating that exports may reach $470 billion this year despite global headwinds, the government on Friday asked exporters to identify opportunities and stated its willingness to accommodate their demands, as long as it did not adversely impact the value chain.
During a meeting with exporters, commerce and industry minister Piyush Goyal suggested that the government was willing to offer support to exporters but it should not come at the cost of other producers. He also asked businesses to focus on domestic products instead of merely scouting for cheaper options from overseas, sources present in the meeting said.
At the same time he flagged his concern over a spike in services imports. He told exporters that there are opportunities around the world and exporters need to do a “deep dive”, including in the services sector, to identify them. There were suggestions that Indian companies could even look at the energy crisis in Europe as one such opportunity and try to offer solutions.
Officials said the government, which had not disclosed the annual target, told export bodies that shipment of goods could be more than $470 billion, topping last year’s record high of $422 billion. Exports have slowed down in recent months and preliminary estimates indicated that there was a 3.5% decline in September. During the first half of the current financial year, exports have grown by over 15%.
“The minister emphasised on sustaining the export momentum and said that the interaction with Export Promotion Councils has given the confidence that Indian exports will be able to wither the global headwinds and will surpass last year’s exports by a big margin,” an official statement after the meeting said.
During a meeting with exporters, commerce and industry minister Piyush Goyal suggested that the government was willing to offer support to exporters but it should not come at the cost of other producers. He also asked businesses to focus on domestic products instead of merely scouting for cheaper options from overseas, sources present in the meeting said.
At the same time he flagged his concern over a spike in services imports. He told exporters that there are opportunities around the world and exporters need to do a “deep dive”, including in the services sector, to identify them. There were suggestions that Indian companies could even look at the energy crisis in Europe as one such opportunity and try to offer solutions.
Officials said the government, which had not disclosed the annual target, told export bodies that shipment of goods could be more than $470 billion, topping last year’s record high of $422 billion. Exports have slowed down in recent months and preliminary estimates indicated that there was a 3.5% decline in September. During the first half of the current financial year, exports have grown by over 15%.
“The minister emphasised on sustaining the export momentum and said that the interaction with Export Promotion Councils has given the confidence that Indian exports will be able to wither the global headwinds and will surpass last year’s exports by a big margin,” an official statement after the meeting said.
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