In a recent statement, Commerce and Industry Minister Piyush Goyal expressed India’s optimism in achieving a $2 trillion export target by 2030 despite a significant decline in outward shipments during the current financial year. At the Global Economic Policy Forum organized by the Confederation of Indian Industry (CII), Goyal emphasized his confidence in India becoming a major export country in the next decade.
India’s foreign trade policy, effective from April 1, 2023, includes an ambitious goal of $2 trillion in exports by 2023, encompassing $1 trillion in merchandise exports and $1 trillion in services exports. In the 2022-23 fiscal year, India witnessed a remarkable 14% year-on-year increase in overall exports, reaching a record high of $776 billion. However, the ongoing global demand slowdown has adversely affected outward shipments in the current year, with exports in the first seven months of the fiscal standing at 1.61% lower than last year, at $437.54 billion.
To achieve the $2 trillion export target, an average annual growth rate of over 15% will be necessary, according to Goyal. He expressed hope that favourable governmental policies and infrastructure investments from the central government, states, and private sector would contribute to reaching this ambitious goal.
Goyal also emphasized the importance of Indian Missions worldwide, which have been directed to prioritize enhancing trade, tourism, and technology. Their performance will be evaluated based on their impact on India’s trade and tourism growth.
BVR Subrahmanyam, Chief Executive Officer of NITI Aayog, added that India’s services exports are growing faster and are expected to catch up with manufacturing exports. He highlighted the role of services trade in driving India’s future export growth.
