Export promotion . Coherent trade strategy needed to achieve export target of $2 trillion by 2030

India’s export target of $2 trillion for goods and services by 2030 can be achieved through a coherent trade strategy focusing on greater integration and participation in global value chains, strengthening of data and analytics, and setting sector-specific targets, Commerce Secretary Sunil Barthwal said.

The government’s aim is to make districts manufacturing hubs through enhanced export promotion, Barthwal said, speaking at the National Exports Summit, organised by Confederation of Indian Industry (CII) on Thursday.

Sounding out a note of caution, Brussels-based global business association Amfori’s chief Linda Kromjong pointed out that the EU was increasingly focusing on environmental, human and social due diligence to encourage sourcing from sustainable supply chains. “She further added that the traditional sourcing companies from India may consider if improvements in administration, enforcement and capacity building are needed for the businesses’ continued success and for them to remain attractive,” per a press statement issued by the CII.   

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Barthwal stressed on the need for India to leverage its strength in the services sector to integrate in the value chains. India should reap the benefits of the e-commerce in strengthening the capabilities of MSMEs to join the supply chains, he added.

“Affirming the government’s aim to increase exports, the Secretary mentioned that the strategy for export promotion going forward will be more specific which shall include strengthening the data and analytical exercise; increased interaction with exporters; and developing country & sector related strategies as well as targets, among others,” the statement noted.