India targeting 3.5% of global trade by 2020 : Nirmala Sitharaman

The country is targeting to achieve a share of 3.5% of the global trade by 2020 and there is a need to explore new markets for traditional industries and encourage new industries to penetrate the global markets, said, Nirmala Sitharaman, Minister of State for Commerce and Industry (Independent Charge). She was addressing the delegates at the 89th Annual General Meeting of FICCI.

In the context of increasing protectionism globally, she emphasized the importance of standards and accreditation for achieving the targeted share of global trade and also for preventing imports of sub-standard products in the country.

Sharing her Ministry's activities in the areas of standards, the Minister said that every year national and regional roadshows are organized to make the industry aware of the global standards and accreditation.

She also appreciated the role of service sector in exports and standardization. The share of service sector in India's GDP has increased to 7.5% despite the severe challenges being faced by it.

R V Kanoria, Past President, FICCI, said that the world has become increasingly uncertain in the context of Brexit, referendum in Italy and other such events making it more challenging for India to bring in more investments and increasing trade.

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