Focus New Markets, Product Diversification To Enhance Competitiveness Of Domestic Exports: Budhia

The focus on new and existing markets, product diversification and simplification of procedures will significantly help enhance the competitiveness of domestic exports, Sanjay Budhia, Chairman of CII National Committee on EXIM, said on Wednesday.

As a part of market facilitation services, industry chamber CII has identified the emerging markets and the potential sectors to help exporters explore newer markets, he added.

In recent years, India has emerged as a powerhouse in the global export arena, marking significant progress in terms of trade performance, Budhia, who is also the MD of Patton Group, said.

"India's export sector has emerged as a beacon of economic progress, and India is now the preferred trade partner to all the major economies of the world," he said at a session on 'Leveraging Opportunities; Enhancing Exports' at the Bengal Global Business Summit 2023 in Kolkata.

He said there is huge potential in West Bengal to increase exports from the state.

The state has released a new export and logistics policy to promote shipments from the state.

"Our government has set a target to double the exports in the next decade, taking all needed steps to ensure that industry can work hand in hand with our government to exceed the set target," he said.

West Bengal has an abundance of natural resources, availability of skilled and young labour force, low cost of doing business, and competitive manufacturing capabilities.

"The current geopolitical and global trade context also sets the stage for West Bengal to emerge as the next global FDI destination on the fundamentals of rich endowment and ports. It can play a strategic role in tapping into global supply chains and emerge as the next global manufacturing destination," Budhia added.