Centre asks export community to target $2 trillion exports by 2030

The Centre on Thursday asked the export community to target $2 trillion exports by the year 2030.

These comprise $1 trillion merchandise exports and $1 trillion services exports, Union Commerce Minister Piyush Goyal said in Mumbai.

He exhorted all export promotion councils to take immediate and effective steps to rise to the challenge of achieving the merchandise export target of $400 billion for 2021-22.

"We need to maintain the export momentum for the next 8 months, with $34 billion exports per month to achieve this target, '' he informed. The goal is ambitious, but possible if all including EPCs and their members work together", added Goyal.

Addressing a meeting of the Export Promotion Councils (EPCs), Commodity Boards and Authorities and other stakeholders in Mumbai, to discuss measures to enhance and increase exports, Goyal said: "The target has been generated through a bottom-up and consultative approach, wherein specific targets for each country, product, Export Promotion Council and foreign mission has been set”.

The Minister said that the merchandise export target of $400 billion for the year 2021-22 has been set, in line with the Prime Minister’s clarion call, “Local goes Global: Make in India for the World”.

Goyal informed that the Free Trade Agreement (FTA) strategy is being revamped. “Free Trade Agreements are being formulated in a much more interactive process, we are engaging with industry to ensure that FTAs are fairly and equitably crafted.

“At the same time, FTAs cannot be one-way traffic, we also need to open our markets, if we want a larger share in foreign markets. So, we need to identify areas where we can withstand competition. We can sort out FTAs fairly quickly, if the areas where we have the ability to compete internationally can be identified, as part of a collective effort,” he said.

Underlining various steps taken to boost exports, the Minister recalled that the Draft National Logistics Policy has been introduced. Districts are being developed as Export Hubs and Free Trade Agreements are being fast-tracked. Compliance requirements have been reduced, Production Linked Incentive Scheme has been introduced for 13 sectors and SEZ reforms have been brought in. Trade facilitation is being done on digital platforms and a comprehensive Agriculture Export Policy has been made.