You are here: Home » Economy & Policy » News
Business Standard

India needs to get into cutting edge tech to boost exports: Amitabh Kant

India now needs to get into cutting edge technology to boost exports which will benefit sectors like telecom, automobiles, battery storage devices and solar energy, Niti Aayog CEO said on Tuesday

Amitabh Kant | Niti Aayog

Press Trust of India  |  New Delhi 

India needs to get into cutting edge tech to boost exports: Amitabh Kant

India now needs to get into cutting edge technology to boost exports which will benefit sectors like telecom, automobiles, battery storage devices and solar energy, CEO said on Tuesday.

Kant, speaking at the launch event for CII's report 'Foreign Trade & Investment in India: Unlocking Key Opportunities through Strategic Reforms', further said the country is at the cusp of a transformation.

"India now needs to get into cutting edge technology in order to boost its exports.

"... sectors such as telecom, automobiles, battery storage devices, and solar energy, among others, would benefit from technology exports," industry body CII said in a statement quoting Kant.

Kant also pointed out that reforms that have been implemented post the pandemic would go a long way in facilitating this process.

"Thanks to the reforms process in India, key indicators such as GDP, FDI and trade have risen sharply," he said, adding that India has became a favoured destination for global investment.

Kant said the report now highlights the measures that the government needs to take in order to make India more competitive in the global market.

Participating in the event,UK's Deputy Trade Commissioner, South Asia, Rhiannon Harries said trade and investment sits at the heart of the UK-India relationship.

The UK and Indian governments are already working closely on an enhanced trade partnership, which will help deepen trade ties, remove market access barriers and act as a roadmap for a potential future free trade agreement,Harries added.

The CII report presents a detailed analysis of the policies that affect India's openness with respect to international trade, including tariff and non-tariff barriers, and FDI, the statement said.

Against the background of the policy changes, the study analyses the trends and patterns of imports and exports and FDI inflows as also identifies on-ground issues being faced by companies in India.

It also highlighted the need to participate in preferential trade arrangements with key partners, alongside leveraging existing ones, for realising greater export and FDI and increasing India's integration into the regional and global value chains.

The report recommended key policy measures including developing a mechanism to review the effectiveness of single-window systems more regularly and effectively by the chief secretary of the respective states, digitisation and integration of land records, introduction of single online portal with integrated information, notification of fixed term employment by all states, among others.

To establish India as a global trade and investment hub, the CII report calls for exploring free trade agreements (FTAs) with key partners such as the UK, US and the EU.

It also suggests setting up a single point of contact for large overseas investors, designing specific policies for Champion Sectors, and introducing differential slab-based incentives as per FDI size.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, February 23 2021. 21:15 IST