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Need to raise country’s share in total global exports to 3.4 %, from the current 1.6 %: PM

6/22/2018

New Delhi, Emphasising the need for an increase in exports, Prime Minister Narendra Modi on Friday said that states must be made active partners in this effort and that Department of Commerce must resolve to raise country’s share in total global exports to at least 3.4 percent, from the current 1.6 percent. Speaking after laying the foundation stone for Vanijya Bhawan, a new office for the Union Government’s Department of Commerce here, the Prime Minister said efforts must be made to raise domestic manufacturing output to reduce imports. While addressing the gathering, he further said that the Union Government has taken a number of steps to boost domestic manufacturing. The Prime Minister expressed confidence that the new building will be completed well within the stipulated time. “This would be in keeping with the spirit of New India, and moving away from old practices, under which important building projects, even in the Capital, had been inordinately delayed”, Mr Modi said and mentioned in this context the Dr. Ambedkar International Centre, the Dr. Ambedkar National Memorial, the Pravasi Bharatiya Kendra and the new office building for the Central Information Commission. He said that this is also the result of breaking silos within the working of the Government. Mr Modi hoped that the new office building – Vanijya Bhawan – would further facilitate elimination of silos in country’s commerce sector. Speaking about the country’s demographic dividend, the Prime Minister said,' it is our collective responsibility to fulfill the aspirations of our youth.' Talking of adoption of digital technology, the Prime Minister remarked that the land on which the new building is being constructed, was earlier occupied by the Directorate General of Supplies and Disposal, now been replaced by the Government e-Marketplace (GeM), which has seen transactions worth Rs. 8700 crore in a short time. He urged the Department of Commerce to work towards further expansion of GeM, and leverage it for the benefit of the country’s MSME sector. He also spoke of the benefits of GST, and said the Union Government is making constant efforts to create a people-friendly, development-friendly and investment-friendly environment. The Prime Minister mentioned various macro-economic parameters, and other indicators to explain how India is now playing an important role in the global economy. “India is now among the top five fin-tech countries, globally”, Mr Modi said. He said subjects such as “Ease of Trading,” and “Ease of Doing Business,” are all related to “Ease of Living” in an interconnected world.

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