Shillong, September 11: Union Minister of State of Commerce and Industry, Som Parkash, has stated that India is currently experiencing a growth rate of seven percent, and this trajectory is expected to persist.
Furthermore, he predicts that India will transform into a premium economy in the coming years.
As per IANS, Parkash mentioned that the Indian rupee has gained international recognition, with 22 countries now conducting business in rupees. These remarks were made during a conference focused on demystifying trade and investment, organized by the CII Northern Region.
The event convened industry leaders, policymakers, and experts to discuss the critical role of standards in bolstering India’s exports and the necessary industry preparations to seamlessly integrate into global supply chains.
In alignment with India’s aspiration to become self-reliant (Atmanirbhar), the government has introduced production-linked incentive schemes for 14 key sectors.
The minister also highlighted substantial improvements in ease-of-doing business, with the government reducing 39,000 compliances. Initiatives like the PM Gatishakti and National Logistics Policy aim to reduce logistics costs significantly, with plans to implement these changes across more than 24 sectors.
Patrick Hebert, Consul General of Canada, highlighted the growing trade relationship between India and Canada, with bilateral trade in goods and services approaching $23 billion. Negotiations for the Early Progress Trade Agreement are ongoing. Canada has established the Trade Commissioner Service and Trade Promotion Service to assist businesses in international endeavors.
Vrindaba Gohil, Commissioner of Customs, Punjab, Himachal Pradesh, and Union Territory of Chandigarh, encouraged businesses to leverage the Manufacturing and Other Operations in a Customs Bonded Warehouse (MOOWR) scheme. She also emphasized the benefits of the Authorised Economic Operator Scheme, designed to streamline customs procedures.
Utpal Kumar Acharya, Joint Director General of Foreign Trade, discussed ongoing discussions with Canada for Free Trade Agreements (FTAs) and the issuance of Certificate of Origin without fees by the DGFT to facilitate trade. He highlighted the Amnesty Scheme to support exporters and the use of post offices as export centers for transactions up to Rs 5 lakh.
During the event’s welcome address, Amit Thapar, Chairman of CII Northern Region Task Force on Exports, emphasized the need for the manufacturing sector to produce high-quality products at competitive prices. He also highlighted the potential for growth in the agro-based products sector and the MSMEs.
Anurag Gupta, Vice Chairman of CII Chandigarh, concluded the event by highlighting the continued benefits of WTO-compatible schemes for exporters.