India’s Exports To $2 Trillion By 2030: Piyush Goyal Says Exports Will Be Able To Mitigate Global Headwinds

India’s Exports To $2 Trillion By 2030: Piyush Goyal Says Exports Will Be Able To Mitigate Global Headwinds

October 17, 2022: By 2030, India’s exports will be $2 trillion, Piyush Goyal said on Sunday. India’s merchandise exports rose 4.82 percent to $35.45 billion in September, even as the trade deficit widened to $25.71 billion.

During April-September 2022, exports registered a growth of 16.96 percent to $231.88 billion. Trade and Industry Minister Piyush Goyal on Sunday expressed confidence that Indian exports will be able to dispel global headwinds and outpace export growth by a “huge” margin.

Not only this, but India is set to become a $30 trillion economy with a 25 percent share of exports by 2047.

Speaking at the Exporters Conclave held in Chennai, Goyal stated that India will reach the export target of $2 trillion by 2030.

“By 2030, India’s exports will be $2 trillion,” he said. India’s merchandise exports rose 4.82 percent to $35.45 billion in September, even as the trade deficit widened to $25.71 billion, data released by the Commerce Ministry showed on Friday. During April-September 2022, exports registered a growth of 16.96 percent to $231.88 billion.

Federation of Indian Export Organizations (FIEO) President A Sakthivel shared that Indian exporters have good opportunities to export to Russia and the EU despite the recessionary trends visible there.

He said there would be around $8-10bn of additional exports to Russia in the next 12 months and $15-20bn to the EU.

Sakthivel also urged the trade minister to introduce the Export Refinancing Facility for banks to refinance them at the buyback rate to the extent of credit extended to the export sector.

The GST levy on export freight has added to liquidity problems for exporters, the FIEO president said.
Additionally, industry participants were assured that the government is committed to addressing the issues raised by them.

During the event, exporters raised a number of issues related to the rising cost of raw materials and subdued demand in certain key export markets and the need for more support for exporters at this difficult time.

Other issues discussed during the session include the need for a higher interest subsidy for exporters, the extension of benefits to export to Russia under the payment of rupees; higher freight costs; removal of the 50 percent export duty on legal quality iron ore and non-tariff barriers faced by national exporters in the EU, Japan and China markets.

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