The government is evaluating how well-prepared the nation is to deal with the effects of non-trade-related concerns including labour, gender equality, deforestation, climate change, and sustainable development that many countries are using to impose restrictions or higher export tariffs.
A senior government source told ET that the NITI Aayog is thoroughly examining these challenges and their consequences for exports and will shortly tighten up its suggestions to ensure India maintains its export development pace.
By 2030, India wants to export $1 trillion worth of goods and services combined. The goal is to increase the nation’s current 2.1% export share of global trade to 3% by 2027 and 10% by 2047.
The Aayog believes that these aims do not take into account the impact of non-trade-related concerns, which are growing more and more significant.
“Non-trade issues will become increasingly important moving forward, and the current set of export growth estimates is mostly dependent on demand for primary products and intermediates. Therefore, the Aayog would develop appropriate recommendations to reduce their impact, according to the official who wished to remain anonymous.
