Oct 16,2022:The Union Minister of Commerce and Industry, Shri Piyush Goyal today said that India will achieve 2 trillion export target by 2030.
The Minister was speaking at the Exporters Conclave held at Chennai on 16th October, 2022 organised by FIEO & O/o.DGFT in the context current geo political scenario to discuss the issues and the way forwards to keep the growth momentum. The session was participated by large number of leading exporters form Tamil Nadu comprising various sectors of exports.
India recorded new milestones in goods & services exports in the last fiscal clocking US$ 422 Bn in merchandise sectors and US$ 254 Bn in services exports. 50% of the incremental GDP in 2021-22 was contributed by the exports sector. As stated by the Hon’ble Prime Minister, exports play a key role in transition of a country from a developing to a developed status, we have to push our exports so as to be in the comity of developed countries. Despite global headwinds, Indian exports have done reasonably well clocking 15% growth in the first six months of the current fiscal.
At the meeting, the Minister emphasised on sustaining the export momentum and said that he is confidence that Indian exports will be able to wither the global headwinds and will surpass growth in exports by a big margin. While highlighting the growth of economy towards becoming developed nation, Hon’ble Minister said that by 2047, country will become 30 Trillion economy with 25% share in exports. By the year 2030, exports form India will be 2 trillion with 1 trillion product export with CAGR growth of 11 to 12% and 1 trillion service exports with CAGR of 18-19%.
