Webinar on foreign trade & its challenges

Tribune News Service

Ludhiana, June 19

A webinar was arranged by the Guru Ramdas Centre for Economic Growth, Economic Think Tank of GGSSC, to discuss ‘India’s Foreign Trade – Challenges Ahead’.

Dr Ram Singh Heera, Professor and head (MDPs), Indian Institute of Foreign Trade (IIFT), New Delhi, said: “Out of total world export basket of $18.74 trillion, our share is meagre 1.7 per cent against China’s 13 per cent. Our import of goods and services are valued at $ 480bn against exports of $314 billion.”

He suggested structural reforms in the pricing of basic metals and minerals such as steel, aluminum and coals etc, to catch up with China exports in engineering goods.

On the basis of comparative data on PPT, he said gains of various reforms had not reached to industrialists. He exhorted exporters to focus on 3S - Scale, Sophistication & Systems, besides revamping of DGFT by the government to reverse the downward trend in exports.

Replying to the query of KB Singh, former DGM, PNB, on prospects of increasing export of agricultural products from India in view of recent reforms announced by government, the keynote speaker said: “India will have to improve the quality and standards of agri products to get foothold in the world market. United Arab Emirates (UAE) and other rich gulf countries are ready to buy potatoes of Holland at Rs 200 kg with zero pesticides than our produce at cheap price of Rs 30 kg.”

Industry expert Onkar Singh Pahwa, MD, Avon Cycles, said: “Freight from Ludhiana to Kandla port/Mumbai is more than shipping cost to final destination of export and reimbursement of export incentives still takes a long time in spite of policy changes announced by the government.”

Addressing the webinar from the US, Tejvinder Singh, MD Big Ben Group & president of GRDCEG, said: “There is a huge market in the United States of America (USA) for daily use of goods post Covid-19 and trade war with China, but we are unable to tap due to lack of scale and our inability to cater to product specifics.”

Join Whatsapp Channel of The Tribune for latest updates.