The CII in its latest report says strengthening domestic and international competitiveness will benefit industries

The Confederation of Indian Industry (CII) in its latest report believes that India should aim for a 5 per cent share in global merchandise exports and a 7 per cent share in service exports by 2025. The organization suggested a three-pronged approach to achieving this goal, according to a report by The Economic Times.

The report said strengthening domestic and international competitiveness, and creating sector specific growth drivers will benefit the industry. It also proposed measures such as higher duties on finished goods and lower duties on immediate goods to improve competitiveness of Indian products and to boost exports as well.

Director General CII Chandrajit Banerjee was quoted by ET saying that the pandemic has impacted world trade negatively. “However, it also provides a big opportunity for India to better engage with the world and boost its export performance. This is an opportune time for India to strengthen its domestic manufacturing through a strong partnership between the Government and Industry,” he said.

The CII report also recommends expanding export finance through measures like extending the Interest Equalisation Scheme (IES), which was introduced in 2015, for another two years for all exporters. It suggested the use of digital tools for faster movement of goods at the border through reduced physical examination of goods, said the report. Moreover, the CII in its report called for the widening of Authorised Economic Operatorprogram and bringing about a Direct Port Delivery system.

Read the full report in The Economic Times