Rishabh C. Kothari, President, MCCI in his Welcome Address said that during the last quarter of 2021, economists expected that with the economy gradually coming out of the pandemic’s shadow and showing signs of a steady recovery, pent-up demand would likely sustain the growth momentum.
Covid-19 was catastrophic for international trade. Indian exports fell by a record 60% and imports by 59% in April 2020. Though the situation has improved, the road to recovery is long and hard. In December 2021, the overall export value was at USD 57.87 billion and the import value was at USD 72.5 billion, reflecting a trade deficit of USD 14.48 billion.
Piyush Goyal, Hon’ble Minister of Commerce & Industries, Textiles & Consumer Affairs, Food and Public Distribution, Govt. of India in his Address mentioned that India has been growing with the support of Triple Engine: Investment (private), Exports and Start-ups. Self-reliant India campaign is the vision of new India with the aim to make the country and its citizens self-reliant. To boost up public private relationship, the GOI has come up with transparent auctions for investment for the private investors.
In the Defence sector, Foreign Direct Investment has increased over 70 percent and for the local investors, investment has become 100 percent. Overall already 101 defence commodities are notified to be in the part of the private investment. In Telecom sector, the GOI now allows 100 percent FDI. The Government also now focuses on the matter of reducing compliance burden.
The Government now shows interest to sign in Free Trade Agreement with Foreign Countries. Shri Goyal said that bilateral trade is the two way traffic which will be beneficial in terms of comparative advantage for both of the countries.
Goyal informed us now one more industry (mobile manufacturing) has been included in PLI Scheme.Goyal suggested the industries that the industry should proactively participate FTI and create an ecosystem to induce ease of doing business.
The Minister interacted with MCCI Members and addressed many of their grievances.
