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Piyush Goyal looks for strategies to boost exports

Commerce and Industry Minister Piyush Goyal opined that the government is focusing on 12-13 sectors such as textiles where India has a competitive edge to boost exports. He also argued that exports grow when there is both comparative and competitive edge on different sectors. The statement comes in the wake of the sharp drop for the 5th consecutive month of Indian exports by 1.8% to USD 27.36 billion in December’19. This has been attributed to a substantial fall in shipments of plastic, gems and jewellery, leather products and chemicals.

He spoke about the potential of textile sector to increase exports to US$ 100 billion in the next 10 years from the current level of about US$ 37 billion.

The minister also observed that protection is necessary where the country has domestic capacity. “Also we are conscious that some countries give subsidies both open and opaque, due to which import sometimes become very attractive and therefore certain degree of protection is required for our domestic industry,” he said.