Minister wants Focus on R&D and Innovation to Sustain Exports Momentum

[FIEO Press Release/25.03.2023]

· Union Minister of State for Commerce & Industry conferred 67 awards to the exporters from Western region.

· Shri Paresh Mehta, Regional Chairman (WR), FIEO highlighted the significance of the Western Region Export Awards, as it felicitates top performing exporters from 5 major states of India, Maharashtra, Gujarat, Madhya Pradesh, Goa & Chhattisgarh. The states of Maharashtra & Gujarat from the Western India contributes to about 50% of India’s total exports.

Speaking on the occasion of FIEO Western Region Export Excellence awards at Mumbai on March 25, 2023, as the Chief Guest of the Function, Smt Anupriya Patel, Hon'ble Union Minister of State for Commerce and Industry said that exporters should invest in R&D and focus on innovation to keep country's exports on growth trajectory. She said that India is set for transition from a developing to a developed economy in next 25 years with impetus provided by exports. Smt Patel said that India is blessed with exquisite products in each district and we all have to work on Hon'ble Prime Minister's vision of "Vocal for Local" and take "Local to Global". She assured that the government will facilitate, support and extend all help to promote exports.

Referring to the better market access provided through recent FTAs, Smt Patel said that India is moving ahead with similar arrangements with UK, Canada, Israel, GCC and EU.

The Exports Excellence Awards were conferred by Smt Anupriya Patel, Union Minister of State for Commerce and Industry to encourage, motivate and recognize the best performing exporters from Western Region, FIEO organized the 6th and 7th Set of Export Excellence Awards, for the members who have excelled in export performance of goods and services during the financial years 2018-19 and 2019-20 respectively.

The Union Minister of State for Commerce & Industry conferred 67 awards to the exporters from Western region, which comprised of MSMEs, Non-MSMEs and Services for their outstanding export performance. Banks/Financial Institutions were also awarded for outstanding export finance lending. There were multiple categories under which exporters were awarded, so as to ensure that all deserving exporters got sufficient encouragement and motivation. Exporters from all commodity groups were also awarded during this award.

While welcoming Smt Anupriya Patel, the Hon’ble Union Minister of State, Commerce & Industry, Dr A Sakthivel, President, FIEO stated that her presence will not only encourage exporters, but will also inspire them to meet emerging global challenges. The exceptional achievement by our Award Winners clearly shows that when going gets tough, the tough gets going. He stated that the aggregate exports in the current fiscal is expected to be between US$ 775-790 billion exhibiting a growth of about 12% over the record exports of US$ 672 billion in 2021-22. A double-digit growth in exports, when the global situation is becoming tougher and global trade moderating, is encouraging particularly as many of our competing countries are witnessing a sharp decline in their exports. He congratulated the award winners for their excellent performance and contribution towards the economy. While appreciating the efforts of Ministry of Commerce in setting up Council for Trade Development and Promotion with Trade/Commerce Ministers of States as members, he told that this provides a platform to state governments for articulating their perspective on trade policy and pursuing export strategies in line with national foreign trade policy. He opined that Export promotion fund to the tune of Rs 500 crores may be provided for aggressive marketing as small exporters find it difficult to market in overseas market with their limited resources. He added we need to set up state of art exposition centres where State’s artisans and craftsmen can showcase their best products, which can help them to contribute in international trade.

Congratulating the award winners, Shri Paresh Mehta, Regional Chairman (WR), FIEO highlighted the significance of the Western Region Export Awards, as it felicitates top performing exporters from 5 major states of India, Maharashtra, Gujarat, Madhya Pradesh, Goa & Chhattisgarh. The states of Maharashtra & Gujarat from the Western India contributes to about 50% of India’s total exports. He told that the Export Excellence Awards add a zeal amongst the exporter community to achieve new milestones.

Shri Khalid Khan, Vice President, FIEO proposed vote of thanks to the Hon’ble Chief Guest, Awardees, Senior Govt officials and all the guest for their valuable presence. He told exports are not only vital for earning the valuable foreign exchange but more importantly creating employment opportunities and giving a push to a country's GDP. All those years, when the economy touched 8% plus growth were the years when exports clocked over 15% plus growth. If exports show 15-20% growth, the Indian economy will be on a double-digit trajectory. The day belongs to the award winners who transformed challenges into opportunities through their sheer grit and strategy. He congratulated the winners, their employees & families who have contributed in no less a way.

Leading Industry heads, Central and State Government officials, representatives from International diplomatic community, representatives from trade & associations and exporters attended the function.