The Ministry of Commerce and Industry has started an exercise to make India a major part of the world supply chain in the post-Kovid-19 era. In this direction, on Wednesday, Commerce and Industry Minister Piyush Goyal held an important meeting with the Export Promotion Council of all export sectors. Goyal assured the exporters that the government would give them all possible help. Under the instructions of the World Trade Organization, all types of legitimate incentives will also be given to exporters. Goyal told the Export Promotion Council that in the coming time the entire supply chain of the world is going to change. India can become a major part of this supply chain and India can increase its share in global trade.
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The exports group that they should identify their speciality and plan accordingly. The ministry has identified the immediate needs in the world market and is preparing to focus on its exports. Goyal said that at the moment it is seen that there is a shortage of food items in many countries. In such a situation, there is a good possibility of export of agriculture and processed food. This year there is a multiplicity of food items in the country due to bumper rabi production. If the lockdown continues and production is not smoothly next month, 20 percent of export orders can be shifted to another country. With the start of production in many countries including China, this fear is becoming more and more strong.
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The export situation has already deteriorated due to a virus outbreak. Exports of goods in March registered a decline of 34 per cent over March last year. Exports of goods stood at $ 31,400 crore, or about Rs 21.98 lakh crore in FY 2019-20. In the previous financial year, this export was worth 33,000 million dollars, or about 21.21 lakh crore rupees. Exporters said that export orders mainly in employment sectors like Garment, Gems & Jewelery, Leather & Leather Products, Carpet, Engineering Products can be shifted to other countries.
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