Green shoots visible of high-paced growth in Indian exports - Commerce Secretary

CAP INDIA 2017, Mumbai

22 Mar 2017

Mumbai. March 20, 2017. With nearly 100% growth in participation by overseas bodies over last year, CAPIndia 2017 can well be termed as a sign of revival in India’s exports. Over 200 buyers from 36 countries are congregating at Mumbai for two days on March 21 and 22. CAPIndia is a joint effort by four export promotion councils, CHEMEXCIL, CAPEXIL, PLEXCONCIL AND SHEFEXIL promoting exports of chemicals including organic & inorganic chemicals, agro chemicals, dyestuff, cosmetics, toiletries, castor oil, plastics, construction materials, Books & Publication, Paper and Stationary Products,  wood and allied products under Ministry of Commerce and Industry, Government of India. Together, the exports under these councils is approximately $34 billion in 2016-17 and for the current year 2016-17 (Up-to Dec) it is approximately USD 27 billion.  In only its second year, CAPIndia 2017 has become a reliable platform for creating opportunities with buyers and government bodies from overseas, sign up MOUs for long term relationships. Parallel discussions during CAPIndia 2017 will help overseas buyers in understanding Indian laws and conditions better.

 

At the inauguration of CAPIndia 2017, Mr. Subhash Desai, Minister of Industries & Mining, Government of Maharashtra mentioned, “Platforms such as CAPIndia are very important for Indian businesses. Under one roof, our entrepreneurs can meet interested buyers from across the globe, learn from their needs and offer products that match global standards in quality and price. While the government is doing all that it can, it is our entrepreneurs who will make it happen”\

Briefing about the Event, Ms. Rita Teaotia, Secretary, Ministry of Commerce and Industry, Government of India said, “The last two years have been very satisfying. The single minded purpose shown together by government, several policy makers, export promotion councils, exporters, etc. have created the energy to turn the tide. We are already witnessing the green shoots of a high paced growth in Indian exports. This comes at a time when economies around the world are struggling to stay positive in their growth. The response to CAPIndia 2017 can well be considered as a good indicator of constantly improving world’s preference towards Indian products which is needed to meet country’s objective of export of $900 billion by 2022.”

Echoing the sentiment, Mr. Satish Wagh, Chairman, CHEMEXCIL, said “The recent years have witnessed the chemical industry gravitate towards Asia and making India a key player in the global market.  The 100% FDI in Chemical sector by the government is helping the growth further, Chemical industry provides employment to more than 2 million people in India.”

Indeed, fiscal 2017-18 can well go down in India’s economic history as the best year in India’s exports growth. Never before have so many positive factors come together to bolster India’s exports. A robust GDP growth on the backdrop of a good monsoon, revival in manufacturing sector due to government initiatives such as Make in India, Skill India, Digital India, etc., large ticket investments in infrastructure development, etc. The government is pulling all stops to push exports. Right from the Union Budget focusing on boosting trade and industry, tax reductions for SMEs, introduction of Trade Infrastructure Export Scheme, setting up of CBEC’s Single Window Clearance System (SWIFT), Make in India initiative, relaxation in certain environmental norms, to the expected GST roll out, the focus on enhancing India’s export is sharper than ever before. Improvement in India’s ranking in ‘ease of doing business’ is helping the overseas buyer feel more confident about India.