India (Commonwealth Union)_ Nirmala Sitharaman, the Union Finance Minister, urged States to use a multi-modal strategy and make sure logistics don’t burden exporters. She claimed that the PM Gati Shakti, the National Master Plan for Multi-modal Connectivity, was a lovely technique that could be used to create harmony. Sitharaman mentioned the projects “One District-One Product” and “Vocal for Local” in her introductory speech after opening the third campus of the Indian Institute of Foreign Trade in Kakinada. These programs are designed to promote local goods and develop their export markets. She said that the Commerce Ministry was striving to develop an export policy that would benefit exporters by rewarding them and encouraging a variety of products.
The Commerce Minister frequently uses the phrase “We can’t be exporting taxes”, which is both repetitious and quite pertinent. The Finance Minister stated that in order to relieve the exporters of these items’ taxes whether federal, state, or local we need also figure out how to do so. She pointed out that even while the governments did not make much money from certain items, they nonetheless put exporters under pressure. She said that rising logistics and power costs were also having an impact on exports. The logistics component is being handled gradually as a result of improved ports and highways that are about to be built. According to Sitharaman, state administrations should take the necessary steps to ensure that exporters are not burdened by logistics.
The Prime Minister had suggested that States set up export promotion offices in Indian embassies overseas, and the Finance Minister brought up that idea. Our embassies are the places you should be if you have the ability to communicate the high-quality products you manufacture and the markets you want to tap into there. Some of our states are comparable in size to certain European nations. Even as a district, we have the ability to snag the outside market, she claimed. The “One Area-One Product” initiative aims to find items with an organic or natural capability in each district.
