By 2047, India Aspires to Account for 10per Cent of World Exports

While pushing 100 Indian brands as international leaders, India hopes to increase its existing 2.1per cent export share to 3per cent by 2027 and 10per cent by 2047.

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By 2047, India Aspires to Account for 10per Cent of World Exports

To facilitate trade, a Customs “ONE” will be established to offer import-export clearance within an hour of arrival at entry points and customs ports. These are a few of the objectives the commerce and industry ministry has set for India’s 100th anniversary of independence under the India@2047 banner.

In order to continue the Atmanirbhar Bharat mission, it entails the creation of economic zones outside of India.

The Commerce Department will work until 2027 to establish a solid foundation to meet these goals, according to an official. “The goals for 2047 have been defined for foreign trade,” the official added. To reach 25per cent of the GDP, exports will now account for more than imports.

Pharmaceutics, gemstones and jewellery, marine and agricultural products, textiles and leather, engineering goods, electronics, and telecom devices, and chemicals are the focus industries. A similar blueprint also exists for the services.

The official continued, “The goal is to rank among the top three in the world for tourism, IT & ITeS, business services, financial services, healthcare & wellness, education, and AV services.” 

The strategy also calls for promoting MSMEs’ involvement in trade, positioning India as a supplier of high-value, high-growth goods, and achieving a 10per cent market share in the so-called “creative economy” niche.

Pharmaceuticals, tea, coffee, engineering items, and services, as well as developing districts as export centers, would be the main topics of branding efforts.

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