Modi wants to double India’s share in world exports to 3.4%.
Prime Minister Narendra Modi has set a new challenge before various government departments and the industry of doubling India’s share in world exports to 3.4 per cent from 1.6 per cent and reducing the dependence on imports by at least 10 per cent to create more jobs and increase the per capita income.
The Prime Minister said that the country should focus on moving towards achieving a double-digit GDP growth, from the present 7-8 per cent growth rate, as the world, too, is keenly watching when India would move to the $1 trillion club.
“This is a time for making pledges and accepting challenges. The Commerce Ministry should pledge to make all efforts to double India’s share in world exports from today’s 1.6 per cent to at least 3.4 per cent. It will lead to more employment opportunities and our per capita income will increase,” Modi said at the foundation stone laying ceremony of Vanijya Bhawan on Friday.
All departments of the government and the export promotion councils will have to try together to achieve this target, he added. The PM, however, did not come up with a specific timeline for achieving the target.
Modi also urged the industry and government departments to work towards reducing imports in sectors such as energy, electronic goods, defence manufacturing, and medical devices.
“Through domestic manufacturing, if we reduce imports by 10 per cent, it could create in the country an increase in income worth Rs 3.5 lakh crore. It will contribute in moving the country towards double-digit GDP,” Modi said.
Citing the example of the mobile phone industry where Indian manufacturers are thriving, the PM said that the electronic goods industry should take inspiration from this.
“In electronic goods, isn’t it a challenge for you all that 65 per cent of our demand is met through imports. Like mobile phones, can we make ourselves self-dependent on manufacture of electronic goods,” the PM said.
The Commerce and Industry Minister, Suresh Prabhu, said that his Ministry will start work on the PM’s idea of building a matrix with details on which States could export what products to which countries.
Located near India Gate, the Vanijya Bhawan is being built on 4.33 acres, belonging to erstwhile Directorate General of Supplies and Disposals. It will accommodate about 1,000 officers and staff and is being planned as a completely paperless office. The building is a green building with all required certifications, an official release said.