India’s Commerce Ministry initiates plans to bolster infrastructure for $1 trillion exports by 2030.
The Commerce Ministry has kickstarted an assessment to identify essential infrastructure requirements, potential sectors, and clusters crucial for achieving India’s $1 trillion merchandise exports target by 2030. Anant Swarup, Additional Secretary in the Department of Commerce, disclosed that the Asian Development Bank has been enlisted to conduct a comprehensive study in this regard.
Swarup emphasised the importance of evaluating capacity to accommodate the anticipated $2.5 trillion of export and import trade by 2030. He underscored the necessity of identifying sectors and clusters pivotal for achieving the ambitious export target. Swarup addressed these points at a CII conference on resilient export logistics for trade and connectivity.
India’s merchandise exports declined to $437 billion in 2023-24, with imports also witnessing a dip to $677.24 billion. To bolster exports, Santosh Kumar Sarangi, Director General of Foreign Trade (DGFT), highlighted the need for enhanced infrastructure at ports and airports. Sarangi emphasised the necessity of expanding infrastructure to support increased goods movement, estimating the creation of additional capacity for goods movement in ports, railways, and airports by 2030.
Furthermore, Sarangi advocated for leveraging the potential of e-commerce exports, citing significant growth opportunities. He stressed the need to align policies to facilitate an e-commerce ecosystem conducive to expanding India’s share in global e-commerce exports, citing China’s substantial e-commerce exports compared to India’s current modest figures.
