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Over 54,000 startups providing about 5.5 lakh jobs: Piyush Goyal

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Absolutely no doubt on the economy has started doing bounce back and it recovers from the Covid-19 pandemic and the government setting ambitious goals to make the country an export hub, says Union Minister of Commerce and Industry, Piyush Goyal, met representatives of India Inc and talked about measures to increase exports.

 

Goyal noted that the interaction would create a roadmap to build a vibrant and robust industry ecosystem. He said that it is also time to reflect on how to achieve future targets.

 

He said that India’s average applied import tariff dropped to 15 percent in 2020 from 17.6 percent in 2019, the sharpest annual fall in about a decade-and-a-half. Regarding employment, the minister said that more than 54,000 startups are providing 5.5 lakh jobs, and more than 20 lakh jobs will be created by 50,000 new startups in the next five years.

 

While stressing on the aim of a $2 trillion contribution of exports into the economy by 2030, the minister said that the economy is on a path of revival and India received the highest ever FDI inflow in 2020-21.

 

Regarding employment, the minister said that more than 54,000 startups are providing 5.5 lakh jobs, and more than 20 lakh jobs will be created by 50,000 new startups in the next five years.

 

Speaking on the growth of domestic industry to work on improving its competitiveness and help the country realise an ambitious export target of $400 billion for the fiscal year 2022 said, The key to success is to focus on goals, not obstacles.

 

Goyal also highlighted incentives for manufacturing through the production-linked incentive schemes and the need to focus on 24 sectors to attract investment. He has also emphasised the “One district, One Product” Programme to create a pool of 739 products for exports from 739 districts.

During the meeting, industry suggested steps like increasing export competitiveness, addressing logistic problems, active role of states in building capacity of exporters and developing international markets for Indian products.

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