Commerce and Industry Minister Piyush Goyal expressed confidence over the weekend that India will achieve its target of USD 2 trillion in exports of goods and services by 2030. Speaking at an Exporters Conclave in Chennai, Goyal stressed the importance of sustaining the current momentum in exports and predicted that Indian exports would outpace global growth by a significant margin.
Goyal went on to predict that by 2047, India would be a USD 30 trillion economy with a 25% share in exports. He reassured industry participants that the government is committed to addressing any issues that may arise.
Also speaking at the event was A Sakthivel, President of the Federation of Indian Export Organisations (FIEO), who highlighted the significant opportunities for Indian exporters in Russia and the European Union, despite the recessionary trends in those regions. Sakthivel predicted that there would be an additional USD 8-10 billion of exports to Russia in the next 12 months and USD 15-20 billion to the EU.
Sakthivel also urged the minister to introduce an Exports Refinance Facility for banks, which would allow them to refinance at the repo rate to the extent of the credit they have extended to the export sector. The imposition of GST on export freight has created liquidity issues for exporters, he noted.
Overall, it seems that the Indian government and industry leaders are optimistic about the country's export prospects in the coming years, and are working to address any challenges that may arise along the way.
