Union Minister of State for Commerce and Industry Anupriya Patel on Tuesday, August 24, 2021, said that India is expected to export USD 46 billion to ASEAN in the fiscal year 2022.
Anupriya Patel on Tuesday inaugurated the “India-ASEAN Engineering Partnership Summit” organized by the Engineering Export Promotion Council (EEPC) with the support of the Ministry of External Affairs and the Department of Commerce.
While addressing the inaugural session, Anupriya Patel said: “As one of the largest destinations for Indian exports, ASEAN will be a major region for India with an export target of USD 46 billion, in meeting the global export target of USD 400 billion in the financial year 2021-22.”
Association of Southeast Asian Nations (ASEAN)
ASEAN is an economic union consisting of 10 member states in Southeast Asia, which promotes intergovernmental cooperation and facilitates economic, political, educational, security, military and socio-cultural integration between its members and other countries in Asia. The primary objective of ASEAN was to accelerate economic growth and then social progress and cultural development.
The 10 ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) have a total population of over 600 million, making it the world’s third-largest labour force.
“Both India and ASEAN have a large share of skilled populations, strong service and manufacturing sectors and there are many complementary sectors and products available for greater cooperation. With a combined economy of approximately USD 5.8 trillion, there is a significant potential to increase trade and investment partnership between India and ASEAN,” Anupriya Patel said.
Exports from India to ASEAN in the financial year 2020
- Singapore – $8.92 Billion
- Malaysia – $6.36 Billion
- Vietnam – $5.06 Billion
4.Thailand – $4.30 Billion
- Indonesia – $4.13 Billion
- Philippines – $1.53 Billion
- Myanmar – $.97 Billion
- Cambodia – $.19 Billion
- Brunei – $.06 Billion
- Laos – $.03 Billion
Production-Linked Incentive (PLI) Scheme to boost exports
“As a part of the Atmanirbhar Bharat Abhiyan, the Central Government recently announced a Production-Linked Incentive (PLI) Scheme of USD 26 billion to boost exports covering 13 sectors including electronics, solar modules, speciality steel, pharmaceuticals, automobiles and medical devices to attract investment and enhance India’s manufacturing capabilities,” she said.