Business Standard

India will achieve $2 trillion export target by 2030: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Sunday expressed confidence that the country will achieve the export target for goods and services to $2 trillion by 2030

Piyush Goyal insisted members water down the WTO’s subsidy rules for government-backed food-purchasing programs aimed at feeding poor citizens. (Photo: Bloomberg)

Commerce and Industry Minister Piyush Goyal (Photo: Bloomberg)

Press Trust of India Chennai
Commerce and Industry Minister Piyush Goyal on Sunday expressed confidence that the country will achieve the export target for goods and services to USD 2 trillion by 2030.
The minister was speaking at the Exporters Conclave held at Chennai.
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 USD 30 trillion economy with 25 per cent share in exports.
By the year 2030, exports from India will be USD 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 USD 8-10 billion additional exports to Russia in the next 12 months and USD 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Oct 16 2022 | 11:51 PM IST

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