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

Commerce and Industry Minister Piyush Goyal on Sunday expressed confidence that the country will achieve the goods and services export target of USD 2 trillion by 2030. The minister was speaking at the exporters’ conference held in Chennai.

Goyal stressed on maintaining the momentum of exports and said he is confident that Indian exports will be able to overcome global constraints and beat export growth by a ‘large’ margin.

He also said that by 2047, the country will become a USD 30 trillion economy with 25 per cent share in exports.

“Exports from India will reach US$ 2 trillion by 2030,” he said.

Industry participants were assured that the government was committed to address the issues raised by them.

Speaking at the event, Federation of Indian Export Organizations (FIEO) President A Sakthivel said that Indian exporters have good export opportunities to Russia and the European Union, while there are showing bearish trends.

He said that in the next 12 months, there will be an additional export of about USD 8-10 billion to Russia and USD 15-20 billion to the European Union.

He requested the minister to introduce export refinance facility for banks so that they can be refinanced at repo rate to the extent of credit extended to the export sector.

Sakthivel said that with the imposition of GST on export freight, the problem of liquidity of exporters has increased.

In the meeting, exporters flagged several issues related to rising raw material cost and weak demand in some key export markets and need for more support to exporters in this difficult time.

Other issues discussed during the session included need for higher interest subsidy for exporters, extension of benefits for exports to Russia under payment of Rs. high freight costs; Withdraw 50 percent duty on exports of law-grade iron ore and non-tariff barriers faced by domestic exporters in the markets of the European Union, Japan and China.

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