Double Digital Export Growth Shows Country's Rapid Recovery: Piyush Goyal

Minister of Railways and Commerce & Industry Piyush Goyal called for the target of $500 billion of service exports during his address to the inaugural session of CII’s India-UK Annual Conference virtually. “We are all confident that under Prime Minister Shri Narendra Modi’s leadership, India will get back to our 5 trillion economy target, and it is time we leverage on this”.

Goyal also informed that the week from 8^th to 14^th September, the value of exports reached $6.88 billion, up by 10.73 percent over the same period of the previous year. “This is indicative that India is in a move to get back, our resilience is showing, our confidence is emerging, our can-do spirit is reflected in all these numbers,” he added.

He also mentioned the time to be the right opportunity to have an early harvest between India and the UK. “We should start an engagement on FTA. It is the need of the hour. We should look at the preferential trade agreement so that we can demonstrate to the whole world sincerity and seriousness of UK-India engagement. In bilateral agreements between two nations, we give some and get some. We are able to benefit businesses & create jobs on both sides of the table”.

Goyal also spoke about the initiatives between Japan, Australia and India towards Resilience Supply Chains. “It holds good potential for us to take forward with other countries like UK, Europe, US and certain Latin American & African countries”. He further mentioned about the various industries that hold potential to work with businesses in the UK, especially those where UK is a big time importer and India could fulfill the requirements. The Minister added, “We have had a very good dialogue in terms of considering how we can prepare before January to see if engagement with UK can be taken to the next level”.

Talking on the healthcare front, Goyal mentioned that UK can benefit significantly from India’s healthcare offerings as the country has huge potential to give quality medical support at affordable prices & at a speed unavailable in the UK.

Goyal further stated about the confidence that CII has demonstrated in terms of India’s ability to overcome the COVID-19 pandemic, which has been truly remarkable. “We will rapidly recover, ensure businesses come back on track & we will be back to the growth trajectory. We believe our manufacturing ecosystem will grow by $300 billion in the next five years. For boosting the domestic consumption & exports, we are focusing on the 24 industry sub-sectors”.

Highlighting that India ensured meeting all its international commitments during the pandemic, he further added, “This is the trusted partnership India offers to the world which has been recognized. All through the pandemic, our services exports were at 90 percet of last year’s level of the corresponding period. This has added to the credibility of India as a trusted partner world over. Under the leadership of Shri Narendra Modi, we have been able to earn the Goodwill, Friendship, Trust of world leaders & countries”.

Elated about the rapid financial recovery of India, the Minister also said that Railways freight loading has increased by four percent in August 2020, as compared to corresponding period last year, while in the first 13 days of September, Railways has carried 12 percent more freight compared to same period last year.

Goyal also mentioned about Prime Minister Modi giving him the task to take Wi-Fi to every corner and village of the country in the next 1000 days. “I am certain partnership between Govt & industry will ensure that we make this a grand success. It is extremely important in post COVID world. India has been a beneficiary of huge investments made in the last 6 years in several such initiatives.All these have held India in good stead during the pandemic,” he said. Talking further he mentioned about how India currently witnessed to a revelation about how certain countries indulge in data management, data crunching, which is not in India’s national security interest.

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