India News

PM asks Indian envoys to promote indigenous products

New Delhi, August 6 

In a first-of-its-kind initiative, Prime Minister Narendra Modi interacted with Heads of Indian Missions abroad and stakeholders of the trade and commerce sector via video conference.

The Union Commerce Minister and External Affairs Minister were also present during the interaction. The interaction also witnessed the participation of Secretaries of more than 20 departments, state government officials, members of Export Promotion Councils, and Chambers of Commerce, said an official news release.

The PM urged the stakeholders to put all their efforts to take advantage of the new opportunities created by the changes in the global supply chain in the post-Covid world.

Considering the size of the Indian economy and its potential and at a time when the country is moving towards the mission of “Atmanirbhar Bharat”, one of the goals is to increase India’s share in exports manifold.

“To achieve this we have to make sure that we get access to the global supply chain, so that our business can scale and grow,” suggested the Prime Minister.

 

The Prime Minister said the Government is taking necessary steps at every level to achieve this. Recently, he said the Government has taken a major decision for our exporters to get a boost of about Rs 88,000 crore rupees in the form of insurance cover. Similarly, by rationalising the incentives, exports would be WTO compliant and get a boost.

The Prime Minister stressed the importance of stability in doing business. The decision taken by India to get rid of retrospective taxation shows consistency in policies and gives a clear message to all the investors that India is not only opening the doors of new possibilities but has the will to fulfill its promises, he emphasised.

The Prime Minister told the Ambassadors that in whichever country they are present, they should act as a bridge for the industry here. He requested the Ministry of Commerce to put in place a system so that there is constant communication between our exporters and our missions.

Jaishankar said the Indian Missions need to be globally local to help connect Indian producers with the demand in specific countries. Piyush Goyal said that the global environment is favourable and the industry should look at leveraging comparative and competitive advantages with respect to other countries for increasing our exports.

The Heads of Missions gave their inputs and suggestions to increase India’s exports such as setting sector and region-specific trade targets, the need to focus on value addition, quality standards of products, and supply chain diversification