Recognizing this, the government has already implemented a number of measures to encourage trade and economic growth. In addition to trade agreements with important export markets and government support for onboarding small and medium enterprises (SMEs) to digital platforms, the ground-breaking reform of a single goods and services tax (GST), along with programmes like the production-linked incentive programme, a close focus on the nation’s logistics sector under the PM Gati Shakti National Master Plan for Multi-modal Connectivity, and the National Logistics Policy of 2022, are all anticipated to deliver.
Yet, India only accounts for less than 2% of world exports, and the nation struggles to meet its needs. By 2030, export goals are set at $1 trillion in products and services combined. This is because India, one of its main export customers, is currently experiencing an economic slowdown while also having a high growth potential. India will have the fourth-largest economy in the world by 2027, according to the International Monetary Fund (IMF), with a gross domestic product (GDP) of roughly $5.53 trillion. Reduced logistical time and costs, as well as exponential development in both domestic and foreign trade, are required to realise this goal.
