Prime Minister Narendra Modi on Friday called upon the industry and exporters to take advantage of opportunities created in the post-Covid scenario, explore new destinations and expand the export basket to achieve the ambitious target of $400 billion of exports.
Addressing Indian missions and Export Promotion Councils on the country's target of $400 billion of merchandise exports this year, Modi said that four factors, including multifold increase in manufacturing, reduction in logistics cost, and international market for domestic goods, can help boost the country's outbound shipments.
The Prime Minister also suggested the Indian Missions abroad to look at products in their respective countries that India can export.
At present, exports account for 20 per cent of India's GDP and "given the size of our economy, potential, manufacturing and base of services industry, there is a possibility" to increase this share. In the post-Covid world, there is a debate on global supply chain and in that "we should use all our force" to tap new opportunities, Modi said.
Interacting with the heads of Indian Missions abroad and stakeholders of the trade and commerce sector via video conference, Modi said today the world is shrinking every day due to physical, technological and financial connectivity and in such an environment, new possibilities are being created around the world for the expansion of domestic exports.
The prime minister said India's ambitious target regarding exports can be achieved only through a holistic and detailed action plan.
He urged the "stakeholders to accelerate our existing exports and also work to create markets, new destinations for new products".
At present, almost half of the exports are to only four major destinations. Similarly, about 60 per cent of India's exports are related to engineering, gems and jewellery, petroleum and chemical products and pharmaceuticals.
He added that with the opening of sectors like mining, coal, defence, railways, entrepreneurs are also getting new opportunities to increase exports.
Stressing on the importance of strengthening exports in regaining India's old share in the global economy, he said stakeholders should 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.