PHD Chamber suggest measures to achieve US $ 700 billion merchandise exports by 2025

No.PR-172

March 27, 2019

New Delhi

PHD Chamber suggest measures to achieve US $ 700 billion merchandise exports by 2025

PHD Chamber of Commerce and Industry has suggested five pronged strategy to revitalize exports and achieve a US$ 700 billion annual target by 2025.

While releasing the research study on “Prospects for Exports from India”, Mr D K Agarwal, Sr. Vice President, PHD Chamber of Commerce and Industry said in a press statement issued here today that five pronged strategy would help India to more than double its merchandise exports to the level of US$ 700 billion by 2025 from the current level of US$ 325 billion estimated for the year 2018-19.

Five pronged strategy include Identification of prospective products to scale up the export volumes; strengthening the export growth momentum towards emerging and developing economies through greater access in the Asian and African economies; Structural improvements in export and logistics infrastructure; Developing the supply chains of Micro, Small & Medium Enterprises and Enhancing the overall ease of doing exports.

PHD Chamber of Commerce and Industry organized an Open House Discussion on Revitalizing the Exports Growth Trajectory on 27th March 2019 at PHD Chamber, New Delhi to deliberate on the issues and challenges to India’s exports and explore possible solutions to revitalize the exports growth trajectory.

The esteemed speakers of the session were Mr Rajeev Kher, Former Commerce Secretary, Government of India & Distinguished Fellow, Research and Information System for Developing Countries, Mr Sanjay Chadha, Additional Secretary, FT (North East Asia), Ministry of Commerce and Industry, Government of India, Dr. Ram Upendra Das , Head & Professor, Centre for Regional Trade, Ministry of Commerce and Industry, Government of India, Dr Kavita Sharma, Head, Department of Commerce, Delhi School of Economics, Dr Niti Bhasin, Associate Professor, Department of Commerce, Delhi School of Economics.

Other panelists include Mr D K Aggarwal, Senior Vice President, PHD Chamber, Mr Vijay Mehta, Chairman, Foreign Trade and Investment Committee, PHD Chamber, Mr Sanjay Beswal, Co-Chairman, Foreign Trade and Investment Committee, PHD Chamber and Dr S P Sharma, Chief Economist, PHD Chamber.

There lies a massive scope for Indian exporters in the product categories wherein it could capture the high world demand by strengthening its export-oriented firms in the sectors, including Vehicles, parts and accessories of vehicles, Petroleum oils and Medicines, said Shri D K Agarwal.

Efforts should be made to improve the country’s competitiveness in the other areas as well where exists its inherent strengths, including the agro and food processing products, textiles and garments, and the sports goods, he said.

The improvement in logistics infrastructure and trade facilitation measures would enhance the exports growth trajectory and create approximately 30 million new jobs by 2025, of which enhanced agro and food processing exports would create around 20 million new job opportunities alone, said Shri Aggarwal.

To harness the export potential of the country, the overall ease of doing exports is needed to be enhanced in terms of accessibility to the latest and the most efficient technology and techniques, increased availability to credit for long term loans, easier access to raw materials, building linkages for strong marketing of products, and by improving labour productivity, labour flexibility and capital efficiency, said Shri D K Aggarwal.

Recent policy changes of Make in India campaign, Start-up India, Skill-India Mission and GST reforms have been evolutionary, and in the right direction. All these together should make exports more attractive and make exporters more competitive in the international markets, said Shri D K Aggarwal.

Ends.

Koteshwar Prasad Dobhal

Consultant (PR)