The Covid-19 pandemic and its global spread has brought about a major impact on economy across the globe and in India. As per the latest WTO data world merchandise trade is set to plummet by between 13 and 32% in 2020 due to the COVID-19 pandemic. These are trying times, and companies dependent on foreign trade are especially vulnerable since critical imports as well as exports of finished products are severely impacted.
Even after a three decades of economic reforms, India’s share in world merchandise export is still hovering below 2%-mark. The high value-added manufacturing exports from India is yet to take off. India’s services export basket not very diversified as largely dependent on one sector, i.e., ITeS.
Confederation of Indian Industry in its 125th anniversary year would focus on how to boost exports to drive growth and achieve 5 percent share in world merchandise and services trade by 2025 separately through integration of Indian MSMEs into the Global Value Chains, diversification of merchandise export basket by focusing on high technology products for exports, diversifying services export basket; leveraging FTAs to access market and attracting more export oriented FDI.
Against this background Confederation of Indian Industry is organising a Digital Summit on Exports with the theme of “Enhancing Exports through Integration into the Global Value Chain” from 1030 – 1600 hrs on 28 May 2020. The day would be marked as Exports Day in the calendar of celebrating 125th year of CII’s service to the nation.