India Will Achieve $2 Trillion Export Target By 2030, Says Piyush Goyal

Piyush Goyal emphasised on sustaining the export momentum and said that he is confident that exports will be able to wither the global headwinds and will surpass growth in exports by a "big" margin

Piyush Goyal, Commerce & Industry Minister.

Source : Getty

Commerce and Industry Minister Piyush Goyal has expressed confidence that the country will achieve the export target for goods and services to $2 trillion by 2030, the PTI reported. The minister was speaking at the Exporters Conclave held in Chennai.

According to the PTI report, Goyal emphasised on sustaining the export momentum and said that he is confident that Indian exports will be able to wither the global headwinds and will surpass growth in exports by a “big” margin. He also said that by 2047, the country will become a $30 trillion economy with 25 per cent share in exports. “By the year 2030, exports from India will be $2 trillion,” he said.

The industry participants were assured that the government is committed to addressing the issues raised by them.

Speaking at the event, A Sakthivel, President, Federation of Indian Export Organisations (FIEO) said that Indian exporters have good opportunities for exports to Russia and the EU despite recessionary trends visible there.

He said that there would be about $8-10 billion additional exports to Russia in the next 12 months and $15-20 billion to the EU. He requested the minister for introducing the Exports Refinance Facility for banks so as to refinance them at the repo rate to the extent of credit extended to the export sector.

The levy of GST on exports freight has added to exporters liquidity woes, Sakthivel said.

In the meeting, exporters flagged several issues related to the rising cost of raw materials and subdued demand in certain key export markets and the need for more support to the exporters in this difficult time.

Other issues discussed during the session include need for higher interest subsidy for exporters, extension of benefits for export to Russia under Rupee payment; higher freight costs; withdrawal of 50 per cent duty of export of law-grade Iron Ore and non tariff barriers faced by domestic exporters in the markets of EU, Japan, and China.