No. PR – 246
Trade facilitation requires a friendly policy environment and a proactive approach by industry leaders, says Dr. Badri Narayanan Gopalakrishnan, NITI Aayog at PHD Chamber’s virtual session
Mr. Kuntal Sensarma, Economic Adviser, Ministry of Food Processing Industries, Government of India, stated that the Agri-food sector has played a critical role during the pandemic and contributed significantly to exports. He highlighted the importance of the Food Processing sector and emphasised on potential of the food processing sector, especially processed food, millet-based products, where all stakeholders are working together to make the vision of the Hon’ble Prime Minister into reality. He also appreciated Union Budget that laid a strong emphasis on expanding capital expenditure, initiatives such as PLI Scheme and PM Gati Shakti Scheme, which will push infrastructure and create positive vibes in the economy through multiplier effects.
Dr. Badri Narayanan Gopalakrishnan Lead Advisor (Trade and Commerce) NITI Aayog, Government of India stated that trade facilitation requires a friendly policy environment; proactive approach by industry leaders within India and Partner countries; strong analytical and research works for policy support and joint efforts by all stakeholders. He highlighted the consistent effort by the government to improve the ease of doing business and major reforms undertaken by the Central and State governments to deepen trade promotion among old and new trading partners.
Mr. Pradeep Multani, President, PHD Chamber stated that Trade and Investment Facilitation Services (TIFS) is a remarkable initiative of PHD Chamber for providing a single point information platform for domestic and international investors regarding all trade and investment-related information about the Indian Economy. He said that PHDCCI envisages a higher merchandise exports target of USD 1 trillion by FY 2030-31. This target is achievable and PHD Chamber has identified 75 potential export products and markets to enhance and increase India’s exports growth trajectory.
Mr. Shaibu Enejo, Chief Investment Officer, Nigerian Investment Promotion Commission, Nigeria, appreciated India for being an active trading partner with the majority of developing countries. He emphasized on the long-lasting economic relationship between India and Nigeria. He said that Nigeria’s investment policy is responsible, inclusive, sustainable and balanced. He highlighted the key sectors of the India-Nigeria partnership, particularly in the area of solid minerals, agri-food, health and education.
Dr. Sangeeta Khorana, Professor Bournemouth University, United Kingdom, emphasised on the importance of Single Window System and how it will help India to boost trade at the international level. She said that the Single Window System will not not help big businesses but also support small businesses, including women entrepreneurs. The facilitation services would help India to be integrated into Global Value Chains as a Single window system will not only improves ease of doing business but also improves supply chain visibility.
Dr. Vijay Pereira, Professor, International and Strategic Human Capital Management, NEOMA Business School highlighted the specific relationship between Middle East and India. He stated that the new geopolitical of the region creates an opportunity for both India and UEA. He cited the example of trading in gold between India and UAE which is around 16 percent of total global trade in gold.
Mr. Deepak Pahwa, Chair, Foreign Trade and Investment Committee, PHDCCI said that India has been expanding both in terms of trade and investment and giving thrust to ease of doing business and proactive initiatives such as Single Window System to provide end-to-end facilitation.
The webinar discussed on enhancing the country’s exports and investment trajectory of India and achieving the target of USD 1 trillion merchandise exports by 2030-31. It further deliberated that favourable policy framework and Ease of Doing Business in India will attract more FDI in the coming times and make Indian manufacturers more connected to the Global Value Chains.
The Webinar was sponsored by PHDCCI’s Annual Sponsors – Multani Pharmaceuticals Ltd; Star Wire; PG Industry; Uflex Ltd; DLF Ltd; Continental Carriers Pvt Ltd; Belair Travel & Cargo Pvt Ltd; Radico Khaitan Ltd; Jindal Steel & Power; MMG Group; Paramount Communications; Superior Industries Limited; JK Tyre & Industries Ltd; SMC Investments and Advisors Ltd; Crystal Crop Protection Ltd; Sagar Group of Industries; Samsung India Electronics; Comtech Interio; R E Rogers; AYUSH Herbs Private Ltd; Apeejay Stya Group; DCM Shriram; EaseMyTrip; Blossom Kochhar Beauty Products Pvt Ltd; Oswal Greentech; Trident Group; MV Cotspin Ltd; Synergy Environics Ltd; Ajit Industries Pvt Ltd; P S BEDI & Co.; Indian Farmer &Fertilizers Corporation Ltd; Jindal Steel; Hindware Sanitary; Modern Automobiles; Livit Ltd; Axa Parenterals; Bhagwati Plastic and Pipes Industries; J K Insurance Brokers Ltd; DD Pharmaceutical Ltd.
PHD Chamber of Commerce and Industry