Despite global headwinds, India will meet its $2 trillion export target by 2030, according to Union Minister of Commerce and Industry Piyush Goyal on October 16, 2022.
In highlighting the country’s progress toward becoming a developed nation, he stated that by 2047, it will have a $30 trillion economy. India’s exports will be worth $2 trillion by 2030, with $1 trillion in merchandise shipments. Merchandise exports will grow at a CAGR of 11-12per cent, while service exports will grow at a CAGR of 18-19per cent.
The minister met with exporters in the context of the current geopolitical situation and deliberated on how to maintain the growth momentum. A large number of Tamil Nadu’s top exporters attended the session.
Last fiscal year, India’s merchandise exports totaled $422 billion, while services exports totaled $254 billion. “We must increase our exports in order to join the community of developed countries.” Despite global headwinds, Indian exports have done well, growing by 15per cent in the first six months of the current fiscal year,” he said.
He assured industry participants that the government is committed to addressing their concerns. The commerce and industry minister urged members of trade and industry to make every effort to achieve higher export growth this fiscal year.
Exporters have raised several concerns, including rising raw material costs, weak demand in key export markets, and the need for more export assistance.
Industry leaders requested the inclusion of sectors previously excluded from the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme, as well as the rationalisation of existing RoDTEP rates, as well as the possibility of increased support under the interest equalisation scheme (IES) and market access initiative (MAI), as well as the operationalization of production-linked incentive schemes for additional sectors.