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The Union government’s latest foreign trade policy, announced late last month, has received wide-ranging comments from experts and the exporting community. However, an important aspect of the new policy that has not yet received adequate attention pertains to the aspirations that the government believes the new policy should help exporters realise in the next few years.
The new policy has set a target of achieving exports of goods and services worth $2 trillion by 2030. Measured by any yardstick, this is an ambitious goal. The government estimates exports of merchandise goods and services in 2022-23 at $770 billion. Meeting the 2029-30 target of $2 trillion would imply a compound annual growth rate (CAGR) of 14.61 per cent during this seven-year period. In other words, the share of goods and services exports in India’s gross domestic product (GDP) is expected to see a steep increase from 23 per cent in 2022-23 to over 28 per cent in 2029-30, on the as
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