Huge scope for India to move in global value chain systems: Commerce Secy

NEW DELHI, Oct 20: There is a huge scope for India to move in the global value chain systems and have high-value addition in global exports, Commerce Secretary Sunil Barthwal said on Thursday.
India’s share in global exports is less than 2 per cent. So, huge potential is there to boost the shipments despite global headwinds and low trade growth predictions, he added.
“So, we can easily aim for doubling our exports and increasing our exports (share) to 10 per cent over a period of time and these opportunities exist even if somebody is saying that global trade scenario is looking bleak,” he said here at the CII National Exports Summit.
The domestic exporters should not be pessimistic about this scenario, he added.
“There is a huge scope for India to not only move in the global value chains systems but also to have high-value addition and contribution in the world’s exports,” Barthwal noted.
The growth in world trade is expected to slow down to one per cent in 2023, due to global uncertainties, according to a WTO forecast.
The World Trade Organization (WTO) has also projected a growth of 3.5 per cent in global trade this year against the April estimate of 3 per cent.
The secretary also said that global firms are looking at India as an alternative destination for investments. (PTI)