Post-coronavirus India: Exporters must seek bigger global share, says Goyal

Goyal asks exporters to "identify their strengths, potentials and competitive advantages in specific sectors, and focus on harnessing them in the world markets

Union Commerce and Industry Minister Piyush Goyal on Wednesday said that in the post-Covid era, exporters should look at capturing significant share in world trade as "there is going to be perceptible change in the global supply chains".

In a meeting with Export Promotion Councils (EPCs) via video conferencing, the minister called upon exporters to "identify their strengths, potentials and competitive advantages in specific sectors, and focus on harnessing them in the world markets".

"Goyal said that in the post-Covid-19 era, there is going to be perceptible change in the global supply chains, and Indian industrialists and exporters should be looking to capture significant share in the world trade," the ministry said in a statement.

"He assured them that the government will be a pro-active supporter and facilitator in their efforts, and the Indian Missions abroad can play an important role in that."

The Minister said that incentives can be given, but they have to be justified, reasonable, and WTO-compliant."

Besides, Goyal said the Ministry is working on identifying the specific sectors, which can be taken forward in the immediate future for export purposes.

"He said that India is going to have a bumper Rabi harvest this season, and our storage facilities are overflowing... He said that this seems to be a good opportunity for export of agricultural and processed food items," the statement said.

The Minister exhorted the Export Promotion Councils to undertake brainstorming sessions with its members, and come up with "similar actionable, big-ticket ideas".

India should leverage technology towards manufacturing in post Covid-19 scenario: Prabhu

India should leverage technology towards manufacturing in the post-Covid-19 scenario to tap consumption-based economies like the US and Japan, former Union minister and Rajya Sabha member Suresh Prabhu said on Wednesday. Prabhu said in the future, manufacturing will be technology-driven and not create enough job opportunities.

"Manufacturing has to happen but the processes might change, there will be more reliance on artificial intelligence and other knowledge-based mechanisms.

"US, China, Japan are huge consumption-oriented economies; India should leverage technology towards manufacturing to cater to these markets," Prabhu was quoted as saying in a Merchants Chamber of Commerce statement.

Focus will shift towards the East, and India can take advantage of this, he said, adding, the strategic location of Kolkata can help the eastern region grow faster.