Despite the COVID pandemic and global supply chain disruptions, India’s exports performed tremendously, and rose to a record high of USD 421.8 billion during the financial year ended March 2022, the export shipments are likely to surge further to USD 1 trillion by 2030, Union Minister for Commerce and Industry Piyush Goyal said on Tuesday.
Goyal while addressing the “Breakfast session Discussion on Trade 4.0” at the World Economic Forum in Davos said, India could achieve a target of USD 1 trillion worth of merchandise and services exported each by 2030.
The minister noted that in the last 8 years, the government had focussed extensively on structural reforms and each one of those movements has been holding India in good stead during times of crisis.
Observing that the India story had been receiving a lot of enthusiasm across the world, the minister said that in spite of constraints like Covid-19, chip shortages, conflict, rising commodity prices, container shortages, and significant shipping and logistics issues it has been facing in the last two years, which caused massive supply chain disruptions that threw the global economy off-balance, Indian businesses had displayed great resilience, overshooting export targets and achieving USD 421.8 billion worth of exports.
The minister further urged the Indian industry to look at boosting value-added exports and ensure new jobs opportunity in the nation instead shipping raw materials out of India.
Highlighting the serious efforts being made in that direction, the Minister said that the government was striving to ensure orderly behavior of prices and ensure that businesses add value and jobs, according to a statement released by the Ministry of Commerce & Industry.
The minister stressed the government’s bid to bring down logistics costs through measures such as PM GatiShakti and said that the National Master Plan would help improve infrastructure planning and ensure the implementation of projects within time and budget.
Assuring that the government would wholeheartedly support businesses, the Minister urged the industry to bring scale into all economic activities.
Goyal also expressed his concerns over the excessive dependence on international supply chains, he urged businesses to procure locally wherever there is an opportunity. He asked businesses to support each other and help fortify domestic supply chains.
Referring to Trade Agreements recently inked with UAE and Australia, the Minister said that these agreements were opening new frontiers in international trade. He added that agreements with Canada, EU, UK, Israel, and GCC were in the pipeline. The Minister said that the world had great confidence in India and wanted to engage with it enthusiastically.