Chennai
Vice-President M Venkaiah Naidu on Monday urged exporters to explore newer markets to keep the exports high and make the economy “flying high.”
In his address at an event to confer the Export Excellence Awards on SEZ Units under the Madras Export Processing Zone (MEPZ), Tambaram, near here, he pointed out that exports from the country crossed the USD 400-billion mark last year and wanted the trend to continue.
“There was a record achievement of 418 billion US dollars of merchandise exports in the just-concluded 2021-22 financial year. Services exports were about 250 billion US dollars. Together, they make up to 670 billion US dollars, a remarkable achievement in spite of the pandemic. This trend should continue and I am sure that exports will increase in the coming months, bringing more precious foreign exchange to the country,” he said.
“As you all are aware, foreign exchange inflow is very essential for any country to have a strong economy. This foreign exchange inflow is mostly achieved by exports. If exports get reduced, the foreign exchange reserves will shrink and might eventually affect the country’s economy. Hence, we need to explore newer markets to increase our exports and keep our economy flying high,” he said.
The Ministry of Commerce and Industry was taking all steps to further increase exports through business and industry-friendly policies, ease of doing business and focusing on ‘local for global,” Naidu added.
He also listed out the various export-oriented efforts of the Centre, including the “ambitious” District Export Hub, announced by the central government in 2019.
“Most of the 775 districts across the country are having the potential of becoming export hubs. I am told that GI (Geographical Indication) products are being given a fillip in this endeavour,” the V-P added.
He also said the Special Economic Zones contribute about 28 per cent of the export basket. SEZs, along with export-oriented units (EOUs), contribute about one-third of the country’s exports.
On Tamil Nadu, he said it was a highly developed industrial manufacturing eco-system which has evolved into the largest hub for the production of automobiles and auto-components, textiles, leather products, light and heavy engineering, pumps and motors, electronic software, and hardware.
The State continues to be a national leader in exports of automobiles and automotive components, leather products, software, and ready-made garments.
