Centre to set up new unit to boost exports

MUMBAI: The government is planning to set up an organisation to promote Indian exports to different geographies, develop global linkages and promote the brand equity of India.

While addressing a manufacturing summit, organised by CII, commerce & industry minister Suresh Prabhu said the government is trying to identify specific products that can be sold in specific geographies globally through market research.

“For the first time, the government is working on creating a new organisation to promote India’s exports globally. We will have offices at least in 10 different geographies, with market research back-up and promotional activity. With a completely different approach, we will work with the private sector on this, so that we can penetrate global markets effectively,” he added.

The minister noted that small businesses in India operating with limited infrastructure would find it difficult to operate globally and the government intends to create a support system for such entities.

“An industry should have to compete with the best benchmark in the world and build global scale to reap the full benefit as a manufacturer. It is not possible for a small businessman to sit in India and do business globally. We want to create support system, especially for small businesses, by creating brand equity for India globally. Linkage with global market is necessary for promoting Indian products and we will do that,” Mr Prabhu said and expressed optimism about Indian exports picking up pace in coming months amidst a revival in domestic economic activities.

The proposed initiative is part of the government’s larger plan to increase the share of the manufacturing sector in India’s gross domestic product (GDP) to 25 per cent by 2025 from the current 16-17 per cent. The minister also asked the industry to set a timeline for achieving a $1 trillion in manufacturing revenue.   
From the government side, the minister said, all necessary measures would be taken to further improve India’s rank in World Bank’s ease of doing business.

“We have jumped 30 slots to 100 in the ease of doing business ranking in 2018 (of the World Bank), and we want to be among the top 50. We are on the verge of a big economic growth and the recent upgrading by credit rating agency is also a recognition of a series of reforms undertaken by the government,” he said.