Suresh Prabhu seeks to link India with global supply chains to boost exports
The new commerce and industry minister Suresh Prabhu said he wants to develop linkages between Indian industry and global supply chains
New Delhi: The new commerce and industry minister Suresh Prabhu said he wants to develop linkages between Indian industry and global supply chains in order to create more opportunity for Indian exports and upgrade domestic technological capabilities.
“Global supply chains are now become a reality. India is part of that in auto components and generic formulations. You cannot join the global value chains unless your own technology, manufacturing ability is up to that level in other sectors,” said Prabhu, who took charge on Monday after Nirmala Sitharaman demitted office to become defence minister.
Prabhu said he has asked commerce ministry officials to prepare an agriculture export policy to integrate Indian farmers into the global supply chain and raise their income. Prime Minister Narendra Modi has targeted doubling farmers’ income by 2022.
Holding that Indian exports face challenging times amid strong global headwinds, Prabhu said India will follow a trade policy in a way that will enable it to overcome these challenges. “Protectionist ideas are growing. They are stronger over a period time,” he added.
On logistics, which has been added to the rules of business of the commerce department recently, Prabhu said the ministry will bring it to the forefront and work on building a direct link between competitiveness of exports and logistics.
Prabhu said exporters are facing certain challenges in the new goods and services tax (GST) regime and that the ministry is taking up those issues with the concerned authorities. “The ministry is working on the support measures which can facilitate quick increase in exports (both in terms of) volume and value,” he said.
To promote investments, the commerce and industry minister has told the Department of Industrial Policy and Promotion to prepare a district-wise industrial plan as local situations like human resource availability, law and order, and natural resources help attract more investors.