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The highest ever exports are happing in India this fiscal, said Santosh Kumar Sarangi, Director General of Foreign Trade (DGFT), Ministry of Commerce and Industry, adding that along with a new foreign trade policy, restructuring of the organisational set up within the Department of Commerce is taking place
“The country is likely to cross $400 billion worth of exports in the financial year 2021-22. Exports have grown substantially. We have seen 46 per cent of growth in exports over the previous year. The previous year, of course, had a much lower base. We are likely to achieve our highest every export from our country in achieving $400 billion of exports” said Sarangi, speaking at the Pune International Business Summit organised by the Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA) on Monday.
“We have to come up with a new foreign trade policy and we are working in setting up an ecosystem that will facilitate foreign trade and a positive export environment. We are also working on restructuring some of the organisational set up within the Department of Commerce to give us an additional advantage in terms of trade negotiations, in terms of trade promotion, and in the areas of trade remedial,” he said.
Key elements
Sarangi said that he anticipates that India’s export effort will continue to focus on four or five key elements.
“One of these will be a greater linkage between the manufacturing hubs and exports. SEZs, industrial clusters, food processing clusters are going to become increasingly important. The kind of quality consciousness, the quality of technological augmentation will determine our ability to ramp up our exports substantially,” he said.
Sarangi added that in horizontal support, the focus is going to be on the creation of global standards of infrastructure like roads or linkage of manufacturing with ports.
“The second horizontal effort will be on quality up-gradation. The focus and thrust on quality are going to be key and the government’s increased investment and focus is also going to be in the areas of quality,” he added.
Sarangi said that the government will be facilitating market access through a range of pre-trade agreements which are being negotiated right now and on simplification of regulations.
He said that one of the key area is ability to adjust to the post-pandemic global economic order and invest more in the emerging technologies like AI, digital blockchain, nano technology and genetics.
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