Piyush Goyal, the Union Minister for Commerce and Industry, released the Foreign Trade Policy (FTP), 2023, for India on March 31, the last day of the fiscal year 2022–2023, outlining an ambitious aim to reach $2 trillion (Rs 164 lakh crore) in exports by 2030. Given that India’s total exports exceeded $765 billion (Rs 62.7 lakh crore) in FY23, it would take the nation over seven years to average over 14% annual growth to attain that amount. The expectations, according to experts, were overly optimistic because exports only increased by about 10% in FY23.
Despite the fact that strong exports were a major driver of India’s post-Covid growth, the country’s GDP fell to $291.8 billion (Rs The increase in merchandise exports from $24 billion (Rs 24 lakh crore) in 2020–21 to an astounding $422 billion (Rs 34.7 lakh crore) in 2021–22 was not sustained in FY23. “Pent-up demand in 2022, which was also the trend in international commerce, resulted in a substantial growth in our exports. But, we observed a decrease in global commerce in the second half of 2022′, says Ajay Sahai, director-general and CEO of the Federation of Indian Export Organizations (FIEO).
