India needs to have a roadmap for the next 25 years, PM Modi said (File)
Highlights
- PM was addressing industry representatives and Indian Missions abroad
- PM said exports are about 20% of our GDP, have potential to grow a lot
- He urged the missions to help develop new markets for Indian goods
New Delhi:
Prime Minister Narendra Modi asked industry representatives on Friday to look at ways to increase exports, a move that could help boost employment in Asia’s third-largest economy still recovering from a COVID-19-induced slowdown.
“At present, our exports are about 20% of GDP. Considering the size of our economy, our potential, the base of our manufacturing and service industry, it has the potential to grow a lot,” PM Modi said.
He was addressing industry representatives and Indian Missions abroad on ‘Local Goes Global – Make in India for the World’ through a video conference.
Indian exporters should take advantage of the new opportunities created by changes in the global supply chain in the post-pandemic world, he said.
India aims to raise merchandise export to $400 billion in this fiscal year to March 31 and has met nearly a third of this target in four months to July.
PM Modi urged Indian missions overseas to help develop new markets for Indian goods and said the federal government would work with the industry to boost exports.
For expanding share of its exports in global trade, India needs to have a “seamless and high-quality supply chain” and low-cost logistics, he said.
“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.
He said India needs to have a roadmap for the next 25 years.
“This is not only the time to celebrate the 75th year of India’s independence, but also an opportunity to build a clear vision and roadmap for future India,” PM Modi said in Hindi.
Referring to the Centre’s decision to end the controversial retrospective tax, PM Modi said the move shows the nation’s “commitment and consistency in policies”.
