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Decoding Sectoral Contribution In $2 Tn Export Target By 2030
Recently, Union Minister Piyush Goyal said that we should aspire to take exports from USD 675 billion to USD 2 trillion by 2030 and be a part of this endeavour
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India should provide an impetus to its export potential sectors such as food processing, automobile, pharmaceutical, medical devices, petrochemicals, electronics, textile etc to achieve USD 2 trillion target by 2030, according to experts.
Recently, Union Minister Piyush Goyal said that we should aspire to take exports from USD 675 billion to USD 2 trillion by 2030 and be a part of this endeavour. This will make us among the top nations in world trade and change the way the world sees us.
"Trade-in digital services have evolved in recent years and are increasing faster than trade-in goods and playing a more vital role in the current times," said Pradeep Multani, President, PHD Chamber of Commerce and Industry (PHDCCI).
In the digital era, ICT has become crucial support for boosting trade in services and it has the potential to further open doors for new export growth opportunities for India, said Multani.
Adarsh Sharma, Managing Director, Primus Partners said that the recently announced restructuring of the commerce department can be considered a revolutionary move which could be worthy of a case study.
"Should it attain the desired outcomes as laid out by Union Minister Piyush Goyal under 8 focus areas, this revamp has the potential to become a precedent of amalgamating a focused action plan complimented by a downstream execution team," added Sharma.
Sharma also said that the lateral entry plan to induct industry experts would couple the much-needed political will with institutional awareness that makes for a perfect blend to chart a path which is well informed and routed towards meeting the industry expectations.
India’s average annual merchandise exports during FY16-FY20 was USD 297.02 billion, having peaked at USD 330.08 billion in FY19. However, it jumped to the highest-ever USD 421.89 billion in FY22.
To achieve the USD 2 trillion target, there is a need to increase India's share in global trade, assume a leadership role in multilateral organisations, democratisation of trade, create 100 Indian brands as global champions, setting up economic zones in India to strengthen the manufacturing base and attract greater investments to India, the experts mentioned.
Meanwhile, Multani also said that the Indian trade- export and import sector are a very strong element in India’s march to prosperity, towards becoming a developed nation in 2047 simultaneously serving the needs at the global level.
"Going ahead, there is a need for dedicated focus on further strengthening India’s trade with the world through formulation and execution of promotion strategies, digitisation of trade facilitation processes, rehauling of the data and analytics ecosystem, and capacity building of Indian trade service to drive specialisation and institutional memory," he said.