Huge scope for India to move in global value chain systems: Commerce Secretary
There is a huge scope for India to move in the global value chain systems and have high value-addition in global exports, Commerce Secretary Sunil Barthwal said on Thursday.
Indias share in global exports is less than 2 per cent. So, huge potential is there to boost the shipments despite global headwinds and low trade growth predictions, he added.
“So, we can easily aim for doubling our exports and increasing our exports (share) to 10 per cent over a period of time and these opportunities exist even if somebody is saying that global trade scenario is looking bleak,” he said here at the CII National Exports Summit.
The domestic exporters should not be pessimistic about this scenario, he added.
“There is a huge scope for India to not only move in the global value chains systems but also to have high value-addition and contribution in the worlds exports,” Barthwal noted.
The growth in world trade is expected to slow down to one per cent in 2023, due to global uncertainties, according to a WTO forecast.
The World Trade Organization (WTO) has also projected a growth of 3.5 per cent in global trade this year against the April estimate of 3 per cent.
The commerce secretary also said that global firms are looking at India as an alternative destination for investments.
Barthwal said that e-commerce is strengthening the capabilities of MSMEs to join the supply chains and they should reap the benefits.
He also said that a coherent trade strategy that promotes greater integration and participation of India into global value chains is imperative and such a strategy will help India achieve USD 2 trillion exports target by 2027-28 and USD 8 trillion by 2047.
The secretary mentioned that the strategy for export promotion going forward will be more specific and that would include strengthening the data and analytical exercise; increased interaction with exporters; and developing country and sector related strategies as well as targets, among others.
On free trade agreements, he said many countries are keen to negotiate trade pacts with India.
“It is a calibrated and deliberated exercise,” he said, adding that talks with EU, UK and Canada are going on.
(Except for the headline, this story has not been edited by The Federal staff and is auto-published from a syndicated feed.)