TN frontrunner in trade, says Nirmala Sitharaman

Chennai : Assuring Centre’s all support to the industry, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has said India’s trade pacts with UAE and Australia will pave the way for the country’s economic growth. Speaking at the Stakeholders Outreach Programme on India-UAE CEPA and India-Australia ECTA here, she lauded the Commerce and Trade Ministry for the trade pacts with UAE and Australia and said awareness events are happening all over the country on these agreements.

I have asked the Director General of Foreign Trade (DGFT) to translate in Tamil the details and benefits of the trade pacts and circulate it to the media and stakeholders,’ she said, adding ‘I have also requested the Tamilnadu MSME Minister to share the State policy to overcome overlapses and to increase synergy.

Observing that interactions like this help us understand ground level challenges and to find out solutions, Nirmala said the Union government is always ready to hear the industry’s grievances and address them. Prime Minister Narendra Modi has always been saying, we are committed to address your issues and stand with the industry,’ she said and added that the Prime Minister would always inquire about the outcome of the interactions, as he was keen to build trust. She pointed out the Commerce Minister has called for a meeting to address yarn shortage.

The Finance Minister recalled that the Commerce Minister visited UAE and Australia with delegations to hold interactions on trade pacts.
Pointing out that Tamilnadu has long time connection with leather sector, and the industry has achieved modernisation, she said and went on to add that Tamilnadu is frontrunner in trade for a longtime. She urged entrepreneurs to know the features of these agreements and make the best use of them. If you want any support in connection with the agreements, feel free to convey it to us.

‘Industry should equip itself to cater to the changing tastes and preferences of consumers post Covid’, she added. Nirmala said when the Prime Minister visited UAE some years back, the Royal family promised 75 billion worth investment in India. Now formal agreement has also been signed. She also appealed to theentrepreneurs to scale up their business to get share from the investment. ‘Capital is waiting for you to be utilised. We have Invest India to help you. Find your partners with their support,’ she added.
Union Minister of State for Commerce and Industry Anupriya Patel said under Prime Minister’s vision and support of the Finance Minister, all efforts are being made to reach stakeholders all over the country to understand trade agreements.

We are making all efforts from time to time to make India future ready. We are today in a State that contributes a lot to the county’s exports. Tamilnadu is a huge contributor in the apparel and footwear sectors. I congratulate the Tamilnadu government for Export Promotion Policy,’ she said.

In his address, Union Minister of State for Fisheries, Animal Husbandry and Dairying, Information and Broadcasting, L Murugan appreciated the Department of Commerce and Industry for organising this awareness event in Chennai. We are making huge exports in the marine sector. For the first time in history, Rs 20,000 crore was announced for Fisheries under Pradhan Mantri Matsya Sampada Yojana (PMMSY) by the Union Finance Minister,’ he said.