India needs to concentrate on MSME sector to help economy reach 3 trillion: Teaotia
Mumbai, Jan 13 (KNN) For the Indian economy to reach the goal at Rs 5 trillion, the country needs to concentrate on MSME sector, said Rita Teaotia, Commerce Secretary.
She further said that, Union Commerce & Industry Minister has announced that, India’s economy will soon reach at Rs. 5 trillion where present economy cost is Rs.2.3 billion. To reach this goal, India needs to concentrate on MSME sector. Banks, Financial Institutions, ECGC should gear their trade policies, Secretary said.
She was addressing the National Conference on ‘Role of Trade Finance for Inclusive Growth’ in the city.
The world regulatory policy framework is different and India needs to modify domestic regulation system according to the global scenario, said Teaotia.
She said export from India’s agro-processing and handicraft sectors are 30%.Maritime sector is on 8th rank at world level, leading at world market but financial returns from these sectors are very low. Due to present banking regulatory system of India, increasing banks Non-Performing Assets (NPAs), Liquidity Credit Finance and lending policy to the farmers etc.
She expressed that, taking an analytical view at global competition is important in order to find reasons of non- achieving goals.
On the backdrop of low growth rate of Indian Economy, in last 2 years the Union Commerce & Industry Minister, Suresh Prabhu has recently announced that, Indian economy will reach Rs.5 trillion from existing Rs.2.3.
Therefore; responsibility of concerned industries to make changes into their trade finance policy and adopt new technological, digitization, new legal frame work to solve issues and make online trade system hassel free.
In recent times Indian Economy shown improvement growth rate, which mean it has showing growth. India could not reach to double digit number in GDP but still continue with 7% growth rate, which is a sign of development said Rita Teaotia.
India’s marketing & finance sectors have to face global challenges by adopting digitisation, modern banking system, Robotic use etc. therefore; there is a need to solve logistic cost, standards technical regulations, and adopt qualitative connectivity.