NEW DELHI: Vijay Thakur Singh, India’s High Commissioner in Singapore, said that the trade policy aims to increase the share of Indian exports in world markets to 3.5 per cent by 2019-2020, doubling it in five years.
Singapore: Indian manufacturers and exporters should diversify more and become part of regional multi-lateral trade pacts to boost shipments of their products globally, India’s top envoy in Singapore has said.
“It is for the business community of India and Singapore to identify more opportunities and further increase trade flows,” India’s High Commissioner Vijay Thakur Singh told some 200 delegates at the ‘India-Singapore Trade: Challenges and Opportunities’ business forum.
Underlining the wide range of initiatives and thrust of India’s trade foreign policy, Vijay called on the manufacturers and exporters to diversify and be part of the regional multi-lateral trade pacts to boost shipments of their products globally.
Vijay also reiterated the government’s target of further increasing shipments of merchandise and services as there are plenty of opportunities to do so. “The trade policy aims to increase the share of Indian exports in world markets to 3.5 per cent by 2019-2020, doubling it in five years,” Vijay said.
In value terms, the increase in exports would be approximately $900 billion by 2019-2020, almost double from $461 billion in 2013-14. Some 175 Indian manufacturers and exporters are showcasing their products at the Singapore International Indian Shopping Festival being held from September 24-27.
Ajay Sahai, director general and chief executive officer of the Federation of Indian Export Organisations, also called on the manufacturers and exporters to adopt strategies to further boost their exports.
Stressing that India’s direct global exports were growing, he said there are still more opportunities to be part of regional trade groupings and pacts, especially benefiting from the lower taxes and incentives of landing products in the international markets.
Sahai suggested that Indian manufacturers and exporters should also consider Singapore for shipments to markets in the United States, Canada, Mexico, Peru, Chili, Australia, New Zealand, Japan and South East Asia.
Singapore can be a centre for refining and re-packaging of merchandise followed by shipments to global markets, he stressed.
