The Asian Development Bank (ADB) to pinpoint infrastructure needs essential for India’s ambitious $1 trillion exports target by 2030.
The Asian Development Bank (ADB) is underway with a comprehensive study for the Commerce Ministry, aimed at evaluating requisite infrastructure and identifying key industry clusters pivotal for India’s target of achieving $1 trillion in merchandise exports by 2030.
In the fiscal year 2023-24, India’s merchandise exports experienced a decline of over 3 percent, reaching $437 billion, while imports dwindled by 5.7 percent to $675.4 billion. The ministry aims to more than double the country’s outbound shipments of goods by 2030.
An official highlighted the correlation between higher exports and imports, emphasising the necessity of additional infrastructure to handle the anticipated $2.5 trillion worth of trade. The study, expected by August-September, will inform ministries concerning requisite investments for capacity development across ports, railways, airports, and highways.
Sectors such as electronics, pharmaceuticals, marine products, and engineering are poised to contribute significantly to India’s export growth, with identified clusters like Chennai (Sriperumbudur) and Bengaluru (Sri city) for electronics, and Baddi in Himachal Pradesh and Sikkim for pharmaceuticals.
