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Industry News- Mar 30,22
India’s merchandise exports crossed $ 400 billion (approximately Rs 30.44 trillion) on March 21, 2022 (10 days ahead of the closure of FY2021-22), according to Piyush Goyal, Union Minister of Commerce and Industry.
India’s merchandise exports crossed $ 400 billion (approximately Rs 30.44 trillion) on March 21, 2022 (10 days ahead of the closure of FY2021-22), according to Piyush Goyal, Union Minister of Commerce and Industry. This is far higher than the previous record of $ 330 billion achieved in 2018-19. Exports of engineering goods have gone up by nearly 50 per cent compared to FY2020-21. Higher exports of engineering goods, apparel and garments, etc indicate that value-added and high-end products are contributing more to India's export kitty; thus, shattering the misconception of India being a major exporter of primary commodities.
Things are gradually changing due to adoption of latest technologies by the industry, government's efforts to boost exports, favourable external conditions, etc. To strengthen domestic capabilities, the government has launched Production Linked Incentive (PLI) schemes for 13 key manufacturing sectors starting from FY 2021-22. As per CRISIL analysis, the PLI scheme will lead to a potential capital expenditure of Rs 2.5-3 trillion over the scheme period and will account for 13-15 per cent of average annual investment spending in key industrial sectors over the next 3-4 years. This could translate into an incremental revenue addition of Rs 30-35 trillion over the scheme period. The scheme has many firsts in terms of bringing integration across supply chains, reducing import dependencies, and propelling exports.
PLI is now poised for rapid on-the-ground execution, with almost 60 per cent of the capex approved already and major spending set to occur over fiscals 2023-2026. While capex in mobile, pharma and telecom has already kicked off, that in capital-intensive sectors such as automobile and solar photovoltaics - which form 70 per cent of the committed investment - will kick off from April 2022.
PLI scheme is expected to open export opportunities in traditional sectors (such as pharma, food processing and textiles) as well as emerging ones (such as mobile and electronics hardware). As per CRISIL estimates, the nine sectors have an export potential of Rs 11 trillion.
PLI scheme is structured to attract big investment for building large scale manufacturing facilities. Invariably, these facilities will entail adoption of state-of-the-art technologies involving advanced automation and Industry 4.0 solutions. According to a Nasscom-Capgemini report, investments in Industry 4.0 have grown by approximately 10 times in the last decade in India and are expected to grow to over $ 200 billion by 2025. This will also help the manufacturing sector to become an intelligent industry and achieve the national growth target of $1.1 trillion by FY26.
The 3i EXPO, to be help from May 20-21 in Mumbai, will discuss right investment strategies for modern manufacturing technologies as companies look to a more RoI driven, outcome-based deployment. We are happy to announce that 3i EXPO has been recognised by Union Ministry of MSME - a perfect stepping stone for enabling companies' Industry 4.0 journey. With this, MSME exhibitors will be eligible for 80% subsidy for buying space at IPF's 3i EXPO and a host of other benefits.
We would urge companies to take advantage of the subsidy scheme for exhibiting at 3i EXPO and showcase their solutions to make the manufacturing sector future ready.
For more details on 3i EXPO, visit https://3iexpo.com/ or simply scan the QR Code below.
Piyush Goyal
Union Minister of Commerce and Industry.
Higher exports of engineering goods
PLI scheme
automobile
solar photovoltaics
CRISIL
Nasscom-Capgemini report
investments
3i EXPO
Union Ministry of MSME
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