Govt eyes 3.8% export share, FDI reforms
New Delhi, July 25 -- Top bureaucrats from more than a dozen departments will meet this weekend to brainstorm a roadmap to raise India's share in global exports to 3.8% by 2028-29 and further liberalise foreign direct investment (FDI) in sectors such as nuclear energy, defence, and cocoa, banana and spices, people aware of the development said.
The seventh Sectoral Group of Secretaries (SGoS-7) on commerce and industry is scheduled to meet on Saturday with the aim of proposing policy changes and action plans to achieve Viksit Bharat @2047, they said, requesting anonymity.
Ten such sectoral groups were set up by the Cabinet Secretariat in June 2019 for brainstorming before ideas are presented at the highest level for implementation.
The other SGoSs cover agriculture and allied sectors; transport and communications; energy and environment; health, sanitation and urban development; education and social development; finance and corporate affairs; and governance and crisis management.
The SGoS-7 has 14 members, including the commerce secretary, labour secretary, industry secretary, secretary (external affairs), secretary, micro, small and medium enterprises (MSMEs), deputy national security adviser, and the chief economic adviser.
The group aims to raise India's share in global trade to 3.8% by 2028-29 and more than 10% by 2047, the people cited above said. India's total exports have grown rapidly in recent years, rising from around $468 billion in FY14 (2% of global trade) to $825.26 billion in FY25 (2.5% of global trade), they said. The target is to increase exports to $1.35 trillion by FY29.
After the brainstorming, SGoS-7 will submit its report to the cabinet secretariat, which will compile reports from other SGoS and critical appraisals and then the proposed action points will be submitted to the PM for his approval, they said....
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