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India will meet $2 trn export target by 2030: Piyush Goyal

The minister held discussions with exporters here in the context of the current geopolitical scenario and deliberated on the way forward to keep the growth momentum. The session was attended by a large number of leading exporters from Tamil Nadu.

India will meet $2 trn export target by 2030: Piyush Goyal
India's merchandise exports last fiscal stood at $422 billion, while services exports were $254 billion.

India will achieve the target for exports of $2 trillion by 2030 despite global headwinds, Union minister of commerce and industry Piyush Goyal said on Sunday.

Highlighting the trajectory towards becoming a developed nation, he said that by 2047, the country will become a $30-trillion economy. By 2030, exports from India will be worth $2 trillion, with merchandise shipments of $1 trillion. Merchandise exports will grow at a CAGR of 11-12% and service exports at 18-19%.

The minister held discussions with exporters here in the context of the current geopolitical scenario and deliberated on the way forward to keep the growth momentum. The session was attended by a large number of leading exporters from Tamil Nadu.

India’s merchandise exports last fiscal stood at $422 billion, while services exports were $254 billion.

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“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,” he said.

He assured the industry participants that the government is committed to addressing issues raised by them. The commerce and industry minister urged trade and industry members to make all efforts to achieve higher export growth in this financial year.

Exporters have flagged several issues, including the rising cost of raw materials, subdued demand in key export markets and the need for more support to exporters.

Industry leaders requested the inclusion of sectors left out of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and rationalisation of existing RoDTEP rates, exploring the possibility for increased support under the interest equalisation scheme (IES) and market access initiative (MAI), and operationalisation of production-linked incentive schemes for additional sectors.

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