Union Finance Minister Nirmala Sitharaman has said that the Centre would continue to improve the ease of doing business for the industry and exports to grow. She spoke to the exporters in an outreach programme, organised by the Union Ministry of Commerce and Industry in Chennai, about the India-UAE Comprehensive Economic Partnership Agreement and the India-Australia Economic Cooperation and Trade Agreement on Tuesday.
She said infrastructure spurs growth in industry and therefore in the Union Budget, Rs 7.5 lakh crore have been allocated for improving the country’s infrastructure. She asked the state governments to ensure seamless supply of quality power, and suggested giving emphasis on green energy production. She said the exporters should forge joint ventures with entrepreneurs from the UAE and Australia to make use of the two bilateral trade agreements.
Minister of State for Commerce and Industry Anupriya Patel said the two back-to-back trade agreements with the UAE and Australia were finalized in a record time, making them the watershed moments in the Indian exports sector. Ms Patel said India surpassed the target of six hundred billion dollars of exports last fiscal and reached the historic figure of 675 billion dollars. She pointed out that the achievement has been made despite the challenges posed by the Covid pandemic and the global supply chain breakdown.
Ms Anupriya Patel informed that the bilateral agreement with Australia is the first in the last ten years with a developed country and more such agreements will be concluded with countries including the UK, the European Union and Canada by the end of this year. She praised the initiatives of the Tamil Nadu government in supporting exports, for coming out with the export promotion strategy document and concept of export hubs. She added that the state has contributed immensely to the exports of goods and services last financial year. She said collaborative efforts by the states and the Centre in exports will yield more results.
Union Minister of State for Fisheries Dr L. Murugan in his address said the marine exports during the year 2021-22 exceeded Rs 59,000 crore, when the world was reeling under the impact of COVID pandemic. He said Rs 7,500 crore have been allocated in the budget for the Fisheries Infrastructure Development Fund for this year. He informed that India is currently in first place in the export of shrimps and second in aqua products.
The India-UAE Comprehensive Economic Partnership Agreement came into effect from May 1, 2022, and the India-Australia Economic Cooperation and Trade Agreement has been signed by both the countries. According to the Ministry of Commerce and Industry, it will also come into force within a month of its ratification by the respective legislative bodies.