Mumbai: The Union Minister for Commerce & Industry and Civil Aviation Mr. Suresh Prabhu said that India’s exports in the year 2017-18 were the highest in last six years. He added that India’s exports have been growing at a higher rate in the last few months. He said that if we continue with this pace, India may be able to register record growth in exports in the year 2018-19.
Mr. Prabhu was speaking as Chief Guest at the presentation ceremony of 44th India Gem & Jewellery Awards 2017, organized by Gem and Jewellery Export Promotion Council (GJEPC), in Mumbai today.
He said that this is the first time that world trade itself is facing fundamental challenges. He said that the entire edifice of WTO has been challenged, and that the future of the institution is in crisis. He stated that this raises the need for us to chart a path forward, based upon international trade as a key driver.
The Minister said that services export is growing faster than merchandise and that services export will be the key growth engine. He said that the Government has already decided to invest Rs. 5,000 crore in 12 champion services sectors to promote services. A comprehensive strategy based on market research has been formulated for export promotion, the Minister said.
Stating that the jewellery industry has immense potential, Mr. Prabhu exhorted the industry to attain a ‘New India’ export target of 75 billion dollars by the year 2022, when the country turns 75 years post independence. The Minister said that GJEPC and the Government of India are working together to formulate a strategy for the same, which he said will be unveiled soon. He said that a Coordination Committee will be set up consisting of senior officials of Ministry and the gem and jewellery industry, who will meet monthly, to ensure that industry concerns are addressed on priority.
Speaking of GST refund, the Commerce Minister said that to a great extent, issues faced by exporters in this regard have been addressed. He added that besides reduction of tax rates, the Government is working on improving processes as well.
The Minister announced that a Domestic Council is being set up to improve domestic support for the industry. He said that the Council will work towards industry development, employment generation, building of regional clusters and strengthening of value chains.
Mr. Prabhu underscored the need for new types of partnerships to promote market development and encourage new forms of value generation in the industry.
Speaking about the financial side of the business, the Minister said that the genuine credit requirements of the industry needs to be met by the banking sector. Speaking about the importance of the sector, he said that the Government is working to ensure that this happens.
The Commerce Minister said that the Government is planning to set up Export Promotion offices globally, in order to promote exports in a targeted fashion.
The Minister said that with joint efforts of Government, industry and other stakeholders, India will definitely be able to become a 5 trillion dollar economy within 7-8 years. He further said that India will become a 10 trillion dollar economy by 2035.
The Minister said that he was able to witness a strong sense of camaraderie among industry stalwarts, which he said would enable the industry to grow faster in times to come. He said that if the industry works with a team spirit, it will definitely be able to rise up to its great potential.
The Minister also commended the Corporate Social Responsibility activities of the diamond business, noting that the industry used to undertake CSR activities even before the amendment to the Companies Act mandated 2% of after-tax profits to be spent on this.
The Minister congratulated the export awardees and wished the industry all success.
