India will work with industry to boost exports, says PM Modi

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NEW DELHI, Aug 6 - Prime Minister Narendra Modi asked industry representatives to look at ways to increase exports, a move which could help boost employment in Asia's third largest economy still recovering from a COVID - 19 - driven slowdown.

At present, our exports are about 20% of the GDP. What is the potential size of our economy, our potential, base of our manufacturing and service industry, it has the potential to grow a lot, Modi said.

Modi was speaking to industry representatives and Indian Missions abroad in the 'local Goes Global Make in India for the World' video conference.

He said Indian exporters should take advantage of the new opportunities created by changes in the global supply chain in the post-pandemic world.

India's goal is to raise its merchandise export to $400 billion in fiscal year ending 31 March and has reached nearly a third of this target in four months by July.

Modi urged Indian missions overseas to help develop new markets for Indian goods and said the federal government would work with the industry to boost exports.

To expand share of its exports in global trade, India needs to have low-cost supply chain and seamless logistics, he said.

This is the time for us to make a new identity of quality and reliability. We must try to sell all the high value added products in India on every corner of the world, he said.

He also said that India needs a roadmap for the next 25 years.

This is not only the time to celebrate the 75th year of India's independence, but also an opportunity to build a clear vision and roadmap for future India, Modi said in Hindi.

Referring to the decision by the Indian Government to abolish retrospective tax in India, Modi said the move shows the nation's commitment and consistency in policies.