Cutting-edge Technology needed in manufacturing to boost exports: Amitabh Kant
01 March 2021: Amitabh Kant, CEO, NITI Aayog stated that India now needs to get into cutting edge technology in order to boost its exports. He was speaking at the launch event for the report “Foreign Trade & Investment in India: Unlocking Key Opportunities through Strategic Reforms”, prepared by the Confederation of Indian Industry (CII), in partnership with the UK Government.
Sectors such as telecom, automobiles, battery storage devices, and solar energy, among others, would benefit from technology exports. These, in his view, would help the country take a quantum leap forward for connecting to global value chains. The reforms that have been implemented post the pandemic would go a long way in facilitating this process, he added.
The report presents a detailed analysis of the policies that affect India’s openness with respect to international trade, including tariff and non-tariff barriers, and FDI. Against the background of the policy changes, the study analyses the trends and patterns of imports and exports and FDI inflows as also identifies on-ground issues being faced by companies in India. It also highlights the need to participate in preferential trade arrangements with key partners, alongside leveraging existing ones, for realizing greater export and FDI and increasing India’s integration into the regional and global value chains, focusing on higher incentives and lower tariffs for enhanced production, rationalising power cost, setting up of certification bodies, and specific trade facilitative measures, among others.
Soumitra Bhattacharya, Chairman, CII National Committee on MNCs & MD Bosch India, stated that over the years, Indian policymakers have undertaken dynamic reform measures to improve the trade and investment sentiment regime for further driving the growth momentum of the economy.
The reforms process in India, key indicators such as GDP, FDI and trade have risen sharply. India has became a favoured destination for global investment. He said that the report now highlights the measures that the Government needs to take in order to make India more competitive in the global market.
