NEW DELHI: The Indian government is targeting $2 trillion in exports by 2030 as part of an ambitious strategy to accelerate the country’s goods and services shipments, Commerce and Industry Minister Piyush Goyal has said.
The Commerce Ministry is adopting a “very targeted” approach to achieve this goal by addressing exporters’ concerns and leveraging India’s competitive advantages. “Exports of both goods and services are performing well despite global challenges. We are working on an export strategy to fast-track growth in both segments,” Goyal told PTI.
For the financial year 2024-25, India’s exports are expected to cross $800 billion, up from $778 billion in the previous fiscal year.
When asked about expectations from the upcoming Union Budget, Goyal said Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have always been supportive of the exporting community. “The Prime Minister and the finance minister will always be proactive in supporting our exports,” he said.
To address concerns
On declining export credit and high interest rates, Goyal stated that the government is looking at these concerns holistically and is actively engaging with stakeholders. “We are working closely with the banking system and the Export Credit Guarantee Corporation (ECGC) to find solutions,” he said.
Export credit, which fell by 5 per cent from Rs2,27,452 crore in March 2022 to Rs2,17,406 crore in March 2024, has been a significant concern for exporters. The Federation of Indian Export Organisations (FIEO) has urged the government to extend the interest equalisation scheme to ease liquidity challenges.
Regarding Special Economic Zones (SEZs), the minister said the government is in discussions with stakeholders to revamp the framework and address concerns. “A holistic solution will be developed for SEZs very soon,” he added.
On the issue of goods dumping, particularly from China, Goyal urged industries to report any instances of unfair competition to the Directorate General of Trade Remedies (DGTR). “India will not allow any dumping. We will be proactive in our measures,” he emphasized.
With a sharp focus on boosting both goods and services exports, the government is aiming to strengthen India’s position as a global trade leader, Goyal said.
