The statement made by Commerce and Industry Minister, Piyush Goyal that the industry should avoid being over-dependent on the import of certain geographies and affordable products. He also said that economy is recovering because India’s imports are behind as compared to the last year whereas exports have revived to a large extent.
Calling upon industry to shun over-dependence on imports and certain geographies, as this leads to long-term dire consequences, Goyal exhorted them to make in India, use indigenous resources and skilled manpower, produce quality products, and use the economies of scale to deliver affordable products.
“Most of the markets abroad have not been able to make such a remarkable comeback. On the issue of imports, the Minister said that they are still far behind and this is a good thing,” Goyal was quoted in an official release after his virtual meeting with export promotion councils.
India’s exports in May shrank 36.47% compared to a 60% contraction in April while imports contracted 51.05% in May to form an almost 60% contraction in April.
Goyal said that the exports, after setbacks in the first two months of this financial year, due to Covid-19, are recovering fast, as the Unlock process gains and the economic activity makes a revival