Page 9 - Plastics News August 2021

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Walk the Talk

As I’d said in my column last month it seems that we, as a country are ready to bounce back with
things gradually shaping up.
The country's exports surged on account of healthy growth in petroleum, engineering, and gems
and jewellery segments. According to revised trade data released by the Ministry of Commerce &
Industry India's merchandise exports rose for the eighth straight month in July to $35.43 billion,
up 49.85% from a year earlier. India, as a matter of conventional practice, has set a target of $400
billion in merchandise exports for the current fiscal year ending in March 2022, compared to $291.2
billion in the previous fiscal year.

Taking a leaf out of the same, Prime Minister Narendra Modi addressing Indian missions and Export
Promotion Councils called upon the industry and exporters to take advantage of opportunities
created in the post-COVID scenario, explore new destinations and expand the export basket to
achieve the ambitious target of USD 400 billion of exports.
As rightly said by PM Modi four factors, including multifold increase in manufacturing, reduction in Mr. Rajiv B.Tolat
logistics cost, and international market for domestic goods, can help boost the country's outbound
shipments, s further suggesting the Indian Missions abroad to look at products in their respective
countries that India can export. At present, exports account for 20 per cent of India's GDP and
"given the size of our economy, potential, manufacturing and base of services industry, there is a
possibility" to increase this share.
I am sure, one would agree India's ambitious target regarding exports can be achieved only
through a holistic and detailed action for, currently almost half of the exports are to only four
major destinations. Similarly, about 60 per cent of India's exports are related to engineering, gems
and jewellery, Petroleum and chemical products and pharmaceuticals. Moreover, with the opening
of sectors like mining, coal, defence, railways, entrepreneurs should also start looking at new
opportunities to increase exports.
Also the fact remains, the domestic industry will also have to move towards the best technology,
focus on innovation and increase its share in R&D and related activities to ensure we are able to
match the international standards in terms of Products as well as quality deliverables. It’s the ‘value’
that we could add would matter to help us take the lead.
I suggest we need to adhere to the Production Linked Incentive (PLI) scheme for, it will not only
help in increasing the scale of manufacturing but also increase the level of global quality and
efficiency. The government has already signaled that they shall stand by the MSMEs as well towards
strengthening the financial policies for the betterment.
With the gradual easing of COVID norms across the country I request everyone to follow the
appropriate norms and avoid the third wave so as to hope we are able to meet the Pre-COVID level.

Wishing everyone Happy Independence Day!
Rajiv B.Tolat
Hon. Editor
publication@aipma.net

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