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