Contrary to popular opinion, India has enough food to feed its 1.3 billion people. Even when the pandemic hit, the world relied upon India as a major supplier of indigenous vaccines. With the current development, India’s leadership on the world stage has got further accentuated, says S K Narvar, Chairman, Capital India Corp
Excerpt from an interview:
Ques: The world over, everyone is talking about how India is looking to boost wheat granaries depletion post the Russian-Ukraine conflict. Your comments on this opportunity.
SK Narvar: India, under the able leadership of PM Modi today, is a strong advocate of self-sufficiency or Atmanirbharta. Our ability to feed the world during the current crisis demonstrates our strong position in meeting domestic food demand and exports.
Russia and Ukraine are two of the world’s biggest wheat exporters and account for a third of the world’s wheat sales. Due to the conflict, there is an acute wheat and rice shortage. Consider that both Russia and Ukraine were expected to export 14 million tonnes of wheat and over 16 million tonnes of maize this year. Our PM recently said to the World Trade Organization, ‘India is ready to supply food stocks to the world from tomorrow.’ India is moving towards an export surplus economy, strengthening our economic and financial standing among other nations.
Ques: Wheat export is an opportunity for India owing to the Russia-Ukraine crisis. However, how are overall exports looking for the country?
SKN: Russia-Ukraine crisis is tragic, and India is keen to see both countries on the discussion table. Any war is devastating for lives, livelihood, and global economics. The situation has presented India with an opportunity to help the impacted nations. In terms of overall exports, India is doing exceptionally well. In 2021-2022, we breached the USD400 billion export mark for the first time despite numerous global uncertainties. The record surge in exports was driven by higher shipment of merchandise, engineering, and petrochemical goods. Overall, the exports are looking strong, and we should build on the momentum for the years to come.
Ques: India has had export peaks in the past but couldn’t sustain them. Can India sustain the growth in exports this time and set new records?
SKN: Contrary to the past, the USD 400 billion is not just a benchmark that India needs to aim for – it is the beginning of a new trend. There are multiple factors why India can sustain its growth and keep establishing new records.
One of the most apparent reasons is that under PM Narendra Modi’s leadership, the government has initiated several measures across ministries that are creating the right policies to boost Indian exports. While ‘Make in India’ promotes home-grown manufacturing, India’s growing trade relations with major economic partners are paving the way for flourishing exports. Then, India’s position is being strengthened on the world stage due to various global factors that eventually boost our exports.
Ques: What are some global factors that could benefit Indian exports?
SKN: A seed planted today takes some years to grow into a tree and bear fruits. Since his swearing-in as Prime Minister for the first term, PM Modi has travelled extensively for India’s strategic interest to almost over 60 nations. Today, look at the number of foreign delegations and the top leadership of countries visiting India. What was seen with scepticism earlier is reaping huge benefits today.
As India’s neutral stance is gaining acceptance in a polarised world, its geostrategic and economic position is stronger. Consequently, free-trade agreements are being signed, and economic pacts are being discussed and finalized with countries like UAE, Australia, United States, Gulf countries, etc. Indian exports will set new records in years to come. The wheat export opportunity for India is not just an economic benefit but makes every Indian citizen proud of being able to feed our world citizens.
