Factors to boost exports

Factors to boost exports

Subject: Economy

Context: Prime Minister Narendra Modi today listed four factors to boost exports and urged all stakeholders to identify new products and destinations.

• The factors include increasing manufacturing manifold, removing logistical problems, coordination between exporters and government, and finding more global markets for Indian products
• At present our exports are about 20 per cent of GDP.
• The PM addressed all Indian missions and export promotion councils on the target of achieving $400- billion exports in 2021-22.
• A big part of India’s exports comprised items from just a handful of sectors such as petroleum products, gems & jewellery, engineering goods and pharmaceuticals and half the country’s exports were shipped to just four destinations

Suggestions to boost exports

• With mining, coal, defence and railways opening up, our exporters are getting more scope for growth and there is a need for drawing futuristic strategies for the new areas
• To mark 75 years of Independence, identify 75 new items that could be exported from India to their country of operation.
• Indian diaspora in different countries to get involved in the promotion drive and help boost exports of specific items from their States of origin.
• State governments, too, could select five-ten top priority goods and send them to at least 75 countries, he added.