Industry must reduce dependence on imported goods: Piyush Goyal at CII Exports Summit

New Delhi: Piyush Goyal, Minister for Commerce and Industry, addressed the inaugural session at the Exports Summit 2019 organised by the Confederation of Indian Industry (CII) in New Delhi yesterday where he stressed that Indian industry must be enabled and empowered to take advantage of global value chains, noting 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, said the Commerce & Industry Minister, adding that each embassy 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) – Goyal said that this initiative of the Government is for addressing the problems of export financing that industry is facing.

He stated 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, and expressed hope 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 Piyush Goyal, along with Chandrajit Banerjee, Director General, CII, launched two reports prepared by CII on ‘India’s Exports – Trends, Challenges, and Future Strategy’ and ‘India’s Exports to Emerging Economies: Targeting Prospects and Chasing Opportunity’ during the inaugural session.

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The ID Staff

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