Exporters urged to look for opportunities in midst of global trade war

New Delhi, Aug 1 (KNN) Minister of State for Commerce and Industry Som Parkash urged the exporters to take this window of opportunity that has opened up due to tariff escalation between the US and China.

During the inauguration of the interactive session organized by the Commerce & Industry Ministry on emerging opportunities to enlarge India’s exports to US and China, he said that manufacturers must build capacity and make the most of the opportunity that is now available to the country to enlarge its exports to both the US and China.

Speaking at the interactive session Commerce & Industry Minister, Piyush Goyal said that in order to achieve the target of USD 5 trillion economy India’s exports will have to contribute at least USD one trillion.

He urged manufacturers and exporters to come forward with data and details which directly and indirectly add to the cost of the products that are being exported like cess paid on coal, electricity and royalty paid on mines.

All this adds up to the cost of the export product per unit basis, he added.

Commerce and Industry Minister said that the Ministry is working on making India’s export products competitive and simplifying rules and regulations for easy availability of export credit.

He urged the EXIM community to flag issues regarding availability of land, labour, common effluent treatment plants, cluster development and logistics support required in ports, airports and customs to the Ministry so that it is able to iron out the issues impeding India’s exports and facilitate the exporters to take maximum benefit from the tariff escalation between the US and China.