India could ride the export wave in the coming year, despite gloomier outlook on world trade in an era of inward looking policies, devised by developed economies.
"Our exports, our manufacturing activities are signalling that the reforms of Prime Minister Narendra Modi and GST is making things better," Prabhu said addressing a gathering of the commerce ministry's Chemical Exporters Council (CHEMEXCIL)
In India, chemical exports have grown from $36 billion last year to about $40.2 billion this year, a 12 per cent growth, export data till December 2017 showed.
Prabhu said that exporters should look at creating value than just cost advantages over their foreign competitors. In this regard, the minister promulgated exporters to use Indian foreign trade offices and other trade offices.
"This is the time for us to increase our share in exports and regain some of our lost markets," Prabhu told the gathering of basic chemicals and dyes exporters.
"India's exports in the sector is currently at $40 billion, which is just a fraction (1/50th share of global trade) of the global chemical export market. We have a lot of scope to grow here," Prabhu said,
The minister said that the new foreign trade policy will further ease exports in the sector and encouraged exporters to take benefits of the lower GST rates, which the government had announced earlier.
Indian chemical producers largely export basic chemicals and basic dyes. Like China, producers here are looking at a fast adoption of nano-technology and other newer techniques to boost their export fortunes in the coming year.
