Country’s trade exports can rise to trillion dollars in eight years: CII report

New Delhi – Union Minister for Commerce and Industry, Piyush Goyal, had expressed confidence that the Indian trade exports will cross $400 billion in the year ending on 31st March 2022. But TV Narendran, President of Confederation of Indian Industry (CII), has expressed confidence that the country’s trade exports can reach $1 trillion in the next eight years. The CII President warned that there is a need to implement comprehensive policies and aggressive campaigns.

On Sunday, CII published a report named, ‘Achieving One Trillion Dollars in Merchandise Exports: A Road Map’. This report speaks in detail about the products and markets to increase the country’s exports. At the same time, the report also points to the decisions and their implementation on the policy level to achieve the target of one trillion-dollar exports. India should develop the capability to add value to the international supply chain and get connected to the process. The report also suggests that at the same time, attracting foreign investments in essential sectors has become the need of the hour.

The report lists 41 countries having an excellent market potential for Indian exports. The CII report says that there needs to be a focus on 14 products for a massive increase in Indian exports. These products include vehicles, electronic machinery and equipment, chemical products, pharmaceuticals, plastic and textiles. The CII has advised that India should appoint a marketing agency of international standing to provide impetus to exports.

Currently, India is discussing free trade agreements with nearly 20 countries. There is a need to expedite the process and close the deals. In that scenario, it will facilitate Indian exports. It will be beneficial if an investment agreement is combined with the free trade agreement.