India must put primacy on exports to become $5 trillion economy - Nitin Gadkari
December 20, 2019
NEW DELHI, 20 December 2019: Mr Nitin Gadkari, Minister of Road Transport and Highways and MSMEs, said that Indian industry, by using the best technologies of the world, should help India in cutting imports and becoming more export-oriented.
Speaking at the 92nd Annual Convention of FICCI, Mr Gadkari said, 'We are importing goods which can be produced in the country itself', and stressed on reducing dependence on imports.
Mr Gadkari pointed out that Indian exports contribute only 2.6% to the global trade, as compared to China, which leads with a share of 17%. He said that the problems on the trade front that China is currently facing is a "blessing in disguise" for India, which can increase the share of its exports in world trade to 8-10%. This is important for the realization of the goal of a $5 trillion economy.
Talking about the Road Transport and Highways sector, Mr Gadkari mentioned that his ministry has saved approximately Rs 16,000 crore in land acquisition cost by taking a different alignment by acquiring land in tribal and rural areas of Rajasthan, thus substantially decreasing the project cost at large.
The alignment has also resulted in a reduction of 120 Km of the route, thereby reducing logistics cost on the Delhi-Mumbai corridor. The ministry further plans to allocate projects worth Rs 15 lakh crore in the next 5 years to contribute to the PM's vision of taking India to a $5 trillion economy by 2024-25.
Mr Sandip Somany, President, FICCI highlighted the current industry concerns around contract enforcement of projects undertaken with the government.
He said, "Agreements once signed legally between a government agency and private sector should be honoured in totality irrespective of the government in place, until and unless there is a proven case of corruption or malafide intentions during the course of earlier execution of the contract."
Dr Sangita Reddy, President-elect, FICCI, talked about the dream of being a $5 trillion economy that is empowered, connected and infrastructurally evolved. She assured the minister of FICCI's commitment to work along with the government in achieving this vision.
FICCI Media Division
Releases in the Event:
Annual Business Convention & 92nd AGM of FICCI - 'India: Roadmap to a 5 Trillion Dollar Economy'
Dec 20 - Dec 21, 2019 New Delhi
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