According to the second advance estimate of GDP, manufacturing will make up about 14% of GDP in FY22, while exports of goods and services will account for 20.8%. Of course, the share of merchandise exports would be smaller than this.
Industry needs to find out ways to raise the share of exports in the country’s gross domestic product (GDP) to about 25%, commerce and industry minister Piyush Goyal said on Thursday. He also made a fresh appeal for driving up the share of the manufacturing sector in GDP to 25%.
According to the second advance estimate of GDP, manufacturing will make up about 14% of GDP in FY22, while exports of goods and services will account for 20.8%. Of course, the share of merchandise exports would be smaller than this.
Addressing the closing session of his ministry’s webinar on ‘Make in India for the World’, he stressed a five-point vision to promote manufacturing as well as exports.
“How can we really take our manufacturing contribution to the GDP to 25%? Can we increase our global trade to 10% of the size of our economy?… These are ambitious but achievable targets,” he said.
“Can we look at being one of the top-three nations in services exports? Can we look at supporting MSMEs (micro, small and medium enterprises) to increase their participation in foreign trade,” Goyal added.
‘World emulating India story’
Citing the “bold reforms” undertaken by the government in recent years, Goyal said India’s Aatmanirbhar (self-reliance) initiative has inspired other nations to adopt its policies. “The world wants to emulate the India story,” he said. “Indian companies should support goods manufactured in our country. The National Single Window System needs to grow significantly,” he added.
Interestingly, in the latest State of the Union Address, US President Joe Biden announced a raft of reforms, aimed at improving the lives of Americans. In his speech, the economic vision of the Biden administration included the need to ‘Make in America’ and ensure jobs creation.
In recent years, the Indian government has already been aggressively promoting such ideas by seeking to ensure the ease of doing business as well as living, reduced compliance burden of India Inc and minimal government interference. For instance, India has launched the Jal Jeevan Mission to provide tap drinking water to every household. Already, almost six crore rural households have been provided tap water connection.
https://www.financialexpress.com/economy/goyal-calls-for-increasing-export-share-in-gdp-to-25/2450391/
