India to achieve US$ 2 trn in exports by 2030: Commerce Minister

The growth in exports is expected to cross big margins

October 17, 2022

Russia expected to make imports worth US$ 8-10 billion by 2023

The European Union (EU) expected to make imports worth US$ 15-20 billion by 2023

The country’s momentum in exporting will remain resilient against the ongoing global challenges

India is expected to become a US$ 30 trillion economy by 2047

India is expected to achieve an export target of US$ 2 trillion for its goods and services by 2030, according to Commerce and Industry Minister Piyush Goyal. Speaking at the Exporters Conclave in Chennai, the minister said that the country’s export momentum will remain resilient against the ongoing global challenges. He added that the growth in exports is expected to cross big margins. 

Experts said that India has healthy export opportunities to Russia, and the European Union. By 2023, Russia and EU are expected to make imports worth US$ 8-10 billion and US$ 15-20 billion respectively, from India. 

The experts also said that the government needs to take further steps to strengthen India’s pace of exports, such as introducing the Exports Refinance Facility for banks, readjusting the Goods and Service Tax (GST), and withdrawal of duty for key export materials, among other things.  

Additionally, Goyal mentioned that India is expected to become a US$ 30 trillion economy by 2047. 


Source: Business Standard

Recent Articles

India to launch custom AI model with INR 2,000 cr. investment

May 22, 2024

The Union government plans to develop its foundational artificial intelligence …

Read More

India to boost wind energy capacity by 25 GW by 2028

May 22, 2024

India is set to substantially increase its wind energy capacity, …

Read More

India-UK FTA nears conclusion, key issues almost resolved

May 21, 2024

India and the UK are making progress toward finalizing a …

Read More