Indian Prime Minister Narendra Modi asked the states to reduce import dependence and focus on exports. He asked to encourage citizens to use their own products besides identifying facilities. Modi made this call to the states amid the ongoing trade deficit in the country. News from Economic Times.
Addressing the seventh meeting of Niti Aayog’s governing council on Sunday (August 7), Modi said that though the collection of goods and services (GST) has improved, it is likely to increase further. India’s upcoming G-20 summit in 2023 is a unique opportunity to show that the country is not limited to Delhi but every state and union territory as well.
Narendra Modi emphasized that the states must reduce imports and increase exports considering opportunities. He also urged to focus on trade, tourism and technology.
The Prime Minister said India needs to focus on modern agriculture, animal husbandry and food processing to become self-sufficient and a world leader in agriculture. He urged the states to focus on making India self-sufficient in edible oil production.
Meanwhile, India’s trade deficit has reached a new high. In July this year, the country’s trade deficit amounted to 31.02 billion dollars, which is more than 26.18 billion dollars in June. Analysts said the pressure on the local currency, the rupee, will continue as the trade deficit continues to widen.
