‘India Set to Become Premium Economy’

Keeping in view India’s vision of becoming Atmanirbhar, production linked incentive schemes for 14 key sectors have been announced…reports Asian Lite News

Union Minister of State of Commerce and Industry Som Parkash on Monday said that India is growing at a rate of seven per cent, adding the current growth rate will continue.

The Minister said that in a few years, India will become a premium economy.

“Today, the Indian rupee has become a global currency and I am happy to share that 22 countries are doing businesses in rupees, a matter of great pride for us,” he said.

He was speaking at a conference on demystifying trade and investment.

The event, organised by the CII Northern Region, brought together industry leaders, policymakers, and experts to deliberate on the pivotal role that standards play in enhancing India’s exports and the essential preparations required by the industry to integrate into global supply chains seamlessly.

Keeping in view India’s vision of becoming Atmanirbhar, production linked incentive schemes for 14 key sectors have been announced.

Talking about ease-of-doing business, the minister shared that the government of India has reduced 39,000 compliances.

The Centre’s initiatives such as the PM Gatishakti and National Logistics Policy aim to reduce the logistics cost from 40 to 10 per cent.

More than 24 sectors will be selected for successful implementation of the logistics policy.

Patrick Hebert, Consul General, Chandigarh, Consulate General of Canada, said India and Canada are now among the top nine trading partners for each other.

“Our two-way bilateral trade in goods and services has bounced back from the Covid pandemic and is now approaching $23 billion. This is a record high for India-Canada relations.”

Negotiations are going on between India and Canada for the successful conclusion of Early Progress Trade Agreement, said Hebert.

Canada’s Trade Commissioner Service and Trade Promotion Service have been set up to help companies do business abroad.

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 highlighted the benefits of the Authorised Economic Operator Scheme, which streamlines customs procedures and is currently undergoing changes to enhance the efficiency of the supply chain further.

Utpal Kumar Acharya, Joint Director General of Foreign Trade, shared insights into India’s ongoing discussions with Canada for Free Trade Agreements (FTAs) and highlighted the issuance of Certificate of Origin without any fees by the DGFT to facilitate trade and exports.

He also discussed the Amnesty Scheme, a government initiative aimed at supporting exporters. Additionally, he announced that post offices would serve as export centres for transactions up to Rs 5 lakh, with plans for future expansion, and urged industry stakeholders to communicate their concerns to government officials and monitor government websites for updates.

During the welcome address, Amit Thapar, Chairman, CII Northern Region Task Force on Exports, emphasized the need for the manufacturing sector to produce world-class products at world-class prices.

The northern region has immense potential to grow in agro-based products. MSMEs also have a great potential to grow, added Thapar.

Anurag Gupta, Vice Chairman, CII Chandigarh, concluded the event by expressing the continued benefits of WTO-compatible schemes for exporters.

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