India aims to achieve US$ 2 trillion in total exports by 2030

Currently, India's exports stand at US$ 450 billion, and to reach the US$ 1 trillion milestone, the country needs to maintain a year-on-year growth rate of 12%

July 26, 2023

The Indian government aims to achieve US$ 1 trillion each in merchandise and services

For the service sector, the goal is to grow at an average rate of 16.6% annually

While most exporters are concentrated in cities like Mumbai, Delhi, Chennai, and Gujarat, there is untapped potential in interior regions of the state

The Directorate General of Foreign Trade (DGFT) will organize workshops in collaboration with the State Government relevant to exports

The Indian government aims to achieve US$ 2 trillion in total exports by 2030, with US$ 1 trillion each in merchandise and services, according to  Santosh Sarangi, Director General of the Directorate General of Foreign Trade, while addressing the World Trade Day 2023 program in Bhubaneswar. 

India’s exports stand at US$ 450 billion, and to reach the US$ 1 trillion milestone, the country needs to maintain a year-on-year growth rate of 12%. Additionally, the service sector aims to grow at an average rate of 16.6% annually.

Sarangi pointed out that while most exporters are concentrated in cities like Mumbai, Delhi, Chennai, and Gujarat, there is untapped potential in interior regions of the state like Sambalpur, Bolangir, Raygada, etc. To bridge this gap, the DGFT will organize workshops in collaboration with the State Government, focusing on e-commerce to assist with onboarding, payment gateways, and other aspects. The facilitation of Export Incentives like Remission of Duties or Taxes on Export Products (RODTEP) will also be made accessible. The recent signing of three Free Trade Agreements (FTAs) will further bolster international trade.

Experts emphasized the potential for trade collaborations between India and Australia in various sectors, including metals & mining, food processing, and educational services. They highlighted the role of the World Trade Centers as a platform for fostering such collaborations and enhancing bilateral trade relations.

The experts further highlighted the significant role of MSMEs in realizing India’s vision of becoming a five trillion-dollar economy. They stressed the importance of integration with organizations like ASEAN, BRICS, BIMSTEC, etc., and identified potential growth areas such as IT, ITes, and Pharmaceuticals.

Source: Economic Times

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