New Delhi, Commerce and Industry Minister Piyush Goyal on Wednesday expressed hope that the country's exports of goods and services will cross $825 billion despite global challenges.
He also said there are plans to open offices in different countries, including Singapore, Dubai, Saudi Arabia, possibly one in New York, Silicon Valley and another in Zurich, as part of the Indian government's outreach program to attract foreign investors.
The plan is that through these offices, a person sitting anywhere in the world can buy a land in India, see that land, receive all the approvals through a single window platform and resolve the issues, if any. , through a video conference, he said.
It would make it easier to invest in India and do business in India, he added.
"As a next step, we will send equipment to the offices of Invest India, NICDC (National Industrial Corridor Development Corporation) and possibly ECGC (export credit guarantee corporation), so that it can also start offering services to exporters and importers in countries foreigners," he said here at an event.
At a later stage, he said they are thinking about adding tourism as well.
"So trade, technology, investment and tourism, these would be our objectives," he said.
On exports, he said that the current geopolitical situation affects everything, including trade, the economy, interest rates, the stock market and sea routes.
He reported that the Ministry of Commerce will hold a meeting tomorrow with the shipping industry to examine issues such as container shortages, skyrocketing freight rates and how to reduce the impact of the Red Sea crisis. These issues are hurting Indian exporters and importers.
India's exports recorded the steepest decline in 13 months, falling 9.3 percent in August to $34.71 billion due to global economic uncertainties, while the trade deficit soared to $29.65 billion in 10 months. .
According to government data released on Tuesday, imports rose 3.3 percent to $64.36 billion, a record, due to a significant increase in inbound shipments of gold and silver.
"Last year, exports stood at $778 billion and I hope this year we will cross $825 billion despite global conflicts," Goyal said.
He also said that to attract investments and boost domestic manufacturing, he will join hands with countries like Japan, Singapore and Switzerland to set up units in Indian industrial townships.
The cabinet recently approved 12 such municipalities in states like Bihar, Andhra Pradesh and Maharashtra. In addition, four have already been developed and work is underway in four other industrial cities.
India is developing modern infrastructure, common effluent facilities and providing public services like water, power and digital connectivity in these townships.
"I'm trying to suggest a collaboration with the countries, so that in some of these municipalities of their choice" they can create units, he said.
"I promised Japan a golf course...we will create mini-cities that suit them," he said.
Goyal further said that countries are recognizing that when India buys oil from Russia due to sanctions on countries like Iran and Venezuela, it is helping to stabilize the world market.
"Otherwise, the type of actions that OPEC is taking, if we were in the market with our total demand of 5.4 billion barrels per day, oil would have already been at 300 or 400 dollars a barrel and it would not have reached 72 dollars that we see today. It has been a refreshing impact that India's decision has had," he said.
He also said the Ministry of Commerce and Industry is looking at ways to promote trade and investments through national investment promotion agency Invest India.
“Investment and trade are correlated… We want international offices of Invest India” and that should be like a one-stop shop for land, approvals, power and water connections at the click of a button.
"I have also asked Invest India to support and support Indian investors as well as foreign investors," he said.
He also said there are plans to open offices in different countries, including Singapore, Dubai, Saudi Arabia, possibly one in New York, Silicon Valley and another in Zurich, as part of the Indian government's outreach program to attract foreign investors.
The plan is that through these offices, a person sitting anywhere in the world can buy a land in India, see that land, receive all the approvals through a single window platform and resolve the issues, if any. , through a video conference, he said.
It would make it easier to invest in India and do business in India, he added.
"As a next step, we will send equipment to the offices of Invest India, NICDC (National Industrial Corridor Development Corporation) and possibly ECGC (export credit guarantee corporation), so that it can also start offering services to exporters and importers in countries foreigners," he said here at an event.
At a later stage, he said they are thinking about adding tourism as well.
"So trade, technology, investment and tourism, these would be our objectives," he said.
On exports, he said that the current geopolitical situation affects everything, including trade, the economy, interest rates, the stock market and sea routes.
He reported that the Ministry of Commerce will hold a meeting tomorrow with the shipping industry to examine issues such as container shortages, skyrocketing freight rates and how to reduce the impact of the Red Sea crisis. These issues are hurting Indian exporters and importers.
India's exports recorded the steepest decline in 13 months, falling 9.3 percent in August to $34.71 billion due to global economic uncertainties, while the trade deficit soared to $29.65 billion in 10 months. .
According to government data released on Tuesday, imports rose 3.3 percent to $64.36 billion, a record, due to a significant increase in inbound shipments of gold and silver.
"Last year, exports stood at $778 billion and I hope this year we will cross $825 billion despite global conflicts," Goyal said.
He also said that to attract investments and boost domestic manufacturing, he will join hands with countries like Japan, Singapore and Switzerland to set up units in Indian industrial townships.
The cabinet recently approved 12 such municipalities in states like Bihar, Andhra Pradesh and Maharashtra. In addition, four have already been developed and work is underway in four other industrial cities.
India is developing modern infrastructure, common effluent facilities and providing public services like water, power and digital connectivity in these townships.
"I'm trying to suggest a collaboration with the countries, so that in some of these municipalities of their choice" they can create units, he said.
"I promised Japan a golf course...we will create mini-cities that suit them," he said.
Goyal further said that countries are recognizing that when India buys oil from Russia due to sanctions on countries like Iran and Venezuela, it is helping to stabilize the world market.
"Otherwise, the type of actions that OPEC is taking, if we were in the market with our total demand of 5.4 billion barrels per day, oil would have already been at 300 or 400 dollars a barrel and it would not have reached 72 dollars that we see today. It has been a refreshing impact that India's decision has had," he said.
He also said the Ministry of Commerce and Industry is looking at ways to promote trade and investments through national investment promotion agency Invest India.
“Investment and trade are correlated… We want international offices of Invest India” and that should be like a one-stop shop for land, approvals, power and water connections at the click of a button.
"I have also asked Invest India to support and support Indian investors as well as foreign investors," he said.