India should double its global exports share, says PM Modi

New Delhi: Prime Minister Narendra Modi on Friday called for India to more than double its share in global exports from the current 1.6% to 3.4%.

The government has made great progress in making the country investment-friendly. Subjects such as ‘Ease of Trading’ and ‘Ease of Doing Business’ are all related to ‘Ease of Living’ in an interconnected world. Narendra Modi, Prime Minister

 

Speaking after laying the foundation stone of Vanijya Bhawan, a new office complex for the Department of Commerce, he said the Department must resolve to raise India’s share in total global exports to at least 3.4% and the states must be made active partners in the effort, the Prime Minister’s Office said in a statement.

Happy that PM Modi has laid the foundation stone to Vanijya Bhawan. The building will be a modern, eco-friendly structure with its entire roof used for solar power generation, offering universal accessibility. Suresh Prabhu, Union Minister

Besides, efforts must be made to raise domestic manufacturing output to reduce imports, said Modi, citing the example of electronics manufacturing. He also said that the Union government has taken a number of steps to boost domestic manufacturing.

Listing various macro-economic parameters and other indicators to explain how India is playing an important role in the global economy, Modi said the country is now among the top five fin-tech countries globally. He also said that the government has made India investment-friendly.

Trying to resolve trade disputes with nations: Prabhu

  • ‘India is trying to resolve trade disputes with several countries and is willing to create a new world trade order as it extends a hand of friendship to all,’ Suresh Prabhu said.
  • Addressing the 5th India International MSME Start-up Expo, Prabhu hoped that small and medium enterprises would create more economic opportunities and make a ‘new India’.
  • Prabhu said, ‘We are trying to resolve the trade disputes with so many countries in the world. We want to ensure that India remains a friend of all countries of the world in all the segments.’
  • The minister’s remarks came a day after India decided to raise customs duty on 29 products imported from the US as a retaliatory action against the tariff hike by Washington.

Bhawan with smart access control

  • Noting that the building will be completed before December 2019, Modi hoped the new office, which will be completely networked and paperless with smart access control, will further facilitate elimination of silos in India’s commerce sector.
  • The Bhawan will comprise the Minister’s room, 85 cabins for senior officers, 19 meeting rooms with seating capacities ranging from 10 to 100, library and more than 1,000 workstations.
  • Modi also said the land on which the building is being constructed was earlier occupied by Directorate General of Supplies and Disposal. This is replaced by the Government e-Marketplace (GeM), which has seen transactions worth Rs8,700 crore in a short time.

 

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