Delhi Aajkal Bureau, Delhi
May 23, 2022
The Trade Promotion Council of India (TPCI), government, industry and academic deep dive to explore ways to reach USD2 trillion of exports during its first edition of the India Business & Trade Annual Conclave 2023 at the ITC Maurya, New Delhi.
This Conclave, organized with the invaluable support of the Directorate General of Foreign Trade, NITI Aayog, and the Ministry of External Affairs was based on the theme “India @2030: Decoding FTP ’23 and Blueprint for a $2 trillion export economy’.
Santosh Kumar Sarangi (IAS), Director General Foreign Trade graced the occasion as Chief Guest to share his erudite insights on FTP 2023 and interact with stakeholders. During his keynote address, Mr Sarangi stated, “Research reveals a positive correlation between higher exports and higher per capita income. For achieving the $2 trillion target, India is focusing on both demand and supply side aspects with respective policies.”
Mr Sarangi expressed confidence that while the US$ 2 trillion export target is ambitious as it entails an annual growth of 14.5% (CAGR), it is not impossible. We must, however, be wary of geopolitical concerns, global economic scenario as well as growing protectionism.
While there is significant room for export growth in top markets, Mr Sarangi also said that India must adapt its profile of export products in line with the global trade scenario to achieve the US$ 2 trillion ambition. ”We are working on the manifold strategy from demand to supply side…signing more FTA’s, generating investment and marketing and promotion,” he added.
DGFT also informed that we trying to address issues on seamless e-commerce for export promotion. We are in touch with Department of Revenue, RBI, Icegate, Department of Post on the issues which entail Remission of Duties and Incentives, ensuring postal bills flows into Icegate, building a regulatory system, which addresses return back, etc.
Sanjeet Singh (IRS), Senior Adviser, NITI Aayog, and Md. Noor Rahman Sheikh (IFS), JS (ED), Ministry of External Affairs, also graced the event as esteemed Guests of Honour and shared their insights on global trade policy scenarios and the synergy between trade and economic diplomacy respectively.
During his address, Mohit Singla, Chairman, Trade Promotion Council of India, welcomed the Chief Guest, dignitaries and industry delegates, stating, “India Business and Trade Conclave in the years to come will be at the forefront to discuss all aspects of India’s foreign trade. The conclave will also emphasise on how the industry will benefit from the initiatives taken by the government, focusing on emerging areas of growth and potential.”
The India Business & Trade Conclave 2023 was attended by a wide cross-section of stakeholders spanning policy, industry, academia, foreign embassies, trade promotion bodies, consultants, law firms, technology, banking and logistics sectors.
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