India must boost exports to be world’s third-largest economic power: Thakur

New Delhi, Jul 10 (PTI) India will have to increase its exports to become the world’s third-largest economic power, and the shipping and waterways sector will play a vital role in enhancing exports, Minister of State for Ports, Shipping and Waterways Shantanu Thakur said on Thursday.

Addressing an event organised by industry body CII, Thakur stresses the need for equal and balanced focus on the development of each sector and said priority must be given to enhancing the value of Indian products.

He highlighted that the reduction of turnaround time for transporting goods from one state to another is of paramount importance.

Further, he added that the use of artificial intelligence is imperative for the deeper development of the shipping and logistics sector.

Noting that 70 per cent of trade is conducted via shipping, Thakur stressed the need for vast development of the shipping industry.

The minister also emphasised the need to improve communication systems to establish a robust connectivity infrastructure across the country -- from the Northeast to the Northwest -- ensuring seamless first-mile and last-mile connectivity. PTI BKS BKS DR DR