“This is a short term phenomenon which we need to institutionalise,” Goyal said at the India@75 Summit organised by the Confederation of Indian Industry.
India’s exports contracted for the fourth consecutive month in June with the country reporting a trade surplus after 18 years on declining imports.
Goyal, who is also the railways minister, said that freight trains are running at double the speed of last year at around 46 kmph and business development units across 69 divisions have reached out to move more freight.
“There is surplus capacity in railways and not so much business…Railways have moved 4% more trains in the last 11 days than 2019,” he said.
On the issue of Atmanirbhar Bharat, he said India started producing its own Personal Protective Equipment (PPE) and ventilators- whose exports have now been allowed-when no country was willing to supply these to India.
“PPE, testing kits, ventilators…no country was willing to supply those to us but India produced them and now we have opened these up for exports,” he said.
Goyal stated that Atmanirbhar Bharat means India has to compete at competitive prices and of good quality without the clutches of the government subsidy.