Industry must Reduce Dependence on Imported Goods - Piyush Goyal

To make Industry Competitive and Proactive Government and Industry must work together - Piyush Goyal

Commerce and Industry Minister Inaugurates Exports Summit 2019

Piyush Goyal, Minister for Commerce and Industry and Railways, addressed the inaugural session at the Exports Summit 2019 organised by the Confederation of Indian Industry (CII) in New Delhi today. He emphasized that Indian industry must be enabled and empowered to take advantage of global value chains. He further noted that it is important for Government and industry to work together to make industry more competitive and more proactive.Government is working to bring more predictability to export finance, exports scheme and productivity added the Commerce & Industry Minister.He further stated that each of our embassies must have a representative from Indian states so that there is greater understanding of state level policies for foreign investors.

Highlighting the NIRVIK scheme also known as Export Credit Insurance Scheme (ECIS) the  Commerce & Industry Minister said that this initiative of the Government is for addressing the problems of export financing that industry is facing.

Piyush Goyal informed that the Government is stepping up engagement with EU, US, and UK separately, to secure markets for Indian exports even as it withdrew from the Regional Comprehensive Economic Partnership. He hoped that industry will support the Government in its efforts to bring down non-essential imports and reduce its dependence on imported goods and will embrace domestic regulation and step up production by taking advantage of the policies the Government is rolling out.

Commerce & Industry Minister along with Chandrajit Banerjee, Director General, CII launched  two  reports prepared by CII on "India's Exports - Trends, Challenges, and Future Strategy" & "India's Exports to Emerging Economies: Targeting Prospects and Chasing Opportunity" during the inaugural session.

Reduce dependence on imported goods: policy push for domestic production and predictable export finance to boost competitiveness. Industry should reduce dependence on imported goods and increase domestic production by leveraging government policies to improve competitiveness and participation in global value chains. The Government seeks greater predictability in export finance and schemes and highlights NIRVIK - the Export Credit Insurance Scheme - to address export financing problems. It proposes embedding state representatives in embassies to align state policies with foreign investor engagement and is pursuing targeted market access efforts to diversify export destinations.