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Exports and Industry performed well despite global headwinds: Sitharaman

 New Delhi, May 20 (KNN) The exports in the country have registered a positive trend despite the economic slowdown happening globally, the government through its various schemes and policies have ensured that the positive growth continue, Commerce and Industry Minister Nirmala Sitharaman said. Also the minister mentioned about the Startup India program that has helped in the progress of SMEs.

She said that the Indian exports and industry have successfully survived the global headwinds. The schemes such as the Interest Equalization Scheme, MEIS and SCIC have helped a great deal to the Indian exports.

Nirmala Further said that Startup India, the flagship program of the Modi government under the Commerce Ministry has proven to be instrumental for the sector in the country. The program has already started to show ripple effect especially for the Small and Medium Enterprises (SMEs) Commenting upon the need for the Indian industry to be prepared for the Industrial Revolution 4.0, she said that the government has begun new initiatives to talk with the States, Sector Specialists and also the business leaders so that the country is well geared up.

Listing various achievements of her ministry during the last three years, she said that the procurement process going online has been a significant step taken by the ministry. The GeM portal has enabled transparency. Already more than 7000 sellers have come aboard, with more than 25,000 products. So far procurement amount to 500 crores have been facilitated through the portal.

Commenting upon the GST she said that it is a ‘big ticket’ that India batted for. The new taxation policy will help he exporters as the input costs will be lesser under the input credit that has been worked out well. This will make a good competition and the exporters are likely to benefit she said.

Nirmala Further said that the Startup India, the flagship program of the Modi government under the Commerce Ministry has proven to be instrumental for the sector in the country. The program has already started to show ripple effect especially for the Small and Medium Enterprises (SMEs)

She also spoke of the initiatives her ministry has been taking to link with other countries. Talking of South-South cooperation, she said that there are ongoing talks with the Latin American countries and also the African countries to strengthen the trade relations, thus going towards a better coordination in the southern hemisphere.

Commenting on the rupee becoming stronger and its rising concern in the exporters The Minister during the interaction reiterated that the currency fluctuation is the new normal. She further hinted that in case there is an urgent need, the RBI might intervene at some level.

Nirmala Sitharaman was talking at a press conference themed to discuss the three years of the Narendra Modi led government. Also during the event, the Minister released publication under the same theme. (KNN/ DA)