Country’s share of world exports low, there are alternatives to seize amid a shift to a ‘one-plus’ technique in international provide chains: Commerce Secretary
Country’s share of world exports low, there are alternatives to seize amid a shift to a ‘one-plus’ technique in international provide chains: Commerce Secretary
There isn’t any want for Indian trade to get too pessimistic about forecasts of slowing international commerce, because the nation’s share of world exports remains to be pretty low and there are alternatives to seize amid a shift to a ‘one-plus’ technique in international provide chains, Commerce Secretary Sunil Barthwal stated on Thursday.
“Many people would be looking at the global headwinds and may be feeling disappointed about those predictions being made… But I think one thing we should understand about India is we hardly represent 2% in the total global exports, so there is a huge opportunity,” he stated, including that international locations of comparable dimension have a share of 10% to fifteen% in world exports.
“So we can easily aim for doubling our exports, we can easily aim for increasing our exports to 10% over a period of time. And therefore, these opportunities exist even if somebody says that world trade scenario is looking bleak, we should not get overly pessimistic about the trade scenario,” Mr. Barthwal stated at a nationwide exports summit hosted by the Confederation of Indian Industry (CII).
As the world seems for resilient provide chains post-pandemic, international locations in addition to companies are a ‘one-plus’ technique to cut back dependence on any single provider nation and are eager to have interaction with India, he stated.
Responding to a question on reported challenges in commerce information compilation in latest weeks, Mr. Barthwal stated he would study if that’s the case, however famous that delays, if any, in processing the information might maybe be because of the festive season being underway.
Source: www.thehindu.com
