‘India on track to reach $2 trillion export target by 2030 despite curbs, adverse geopolitical situation,’ says Piyush Goyal

India is on its way to increase its exports by around three times to reach the target of $2 trillion by 2030 despite the imposition of restrictions on exports of some items to rein in inflation on the domestic front and adverse geopolitical situation, Commerce and Industry Minister Piyush Goyal said on January 6 . “India’s exports increased from around ₹38 lakh crore in 2020-21 to around ₹60 lakh crore in 2022-23. When this sort of increase in exports took place in just two years, you can imagine how much income has increased during this time. Our entrepreneurs, start-ups and farmers, among others, got many opportunities,” Goyal said at the event organised by the National Jute Board in New Town, Kolkata .

The Union minister said the country’s overall export has been rising continuously amid “very very adverse” global situation. He acknowledged that the global situation is challenging due to Ukraine-Russia war, Israel conflict and the Red Sea issue. “Due to a fall in food grain production, we have imposed curbs on exports of certain items in order to ensure that people of the country do not face difficulties due to inflation. Despite all these, India’s exports will continue to increase. The country is on its way to increase its export by around three times to reach the target of $2 trillion by 2030 from the current $775 billion,” Goyal said.

Later, the minister met stakeholders of the tea and the jute industry separately to discuss the challenges being faced by these two industries.

• Also read: Bangladesh wants India to remove anti-dumping duties on jute products 

In the meeting with representatives of the Assam and Darjeeling tea industry, Goyal discussed issues related to improving the functioning of the tea trade, reform measures, reducing poor quality teas in the system, increasing food safety compliance and improving the image of Indian tea in global markets.

Not in favour

Addressing Darjeeling tea industry’s concern about the alleged dumping of cheap duty-free tea from Nepal, Goyal said he was not in favour of banning tea imports from the neighbouring country given the trade support being offered, according to industry insiders who participated in the meeting.

• Also read: Bl interview. ‘2024 tea outlook will be good if output is cut, domestic offtake is raised’ 

The minister, however, assured the government will look at ways to support and protect the Darjeeling tea industry. Goyal emphasised on setting up more testing labs for stringent and frequent tea testing for both domestic and imported tea leaves by Food Safety and Standards Authority of India (FSSAI).

For the jute industry, the minister established an informal jute advisory group to comprehensively address issues related to the development of the sector. The group formed within the stakeholders will collaborate closely with the industry to identify areas for improvement and implementation of necessary measures. He emphasised the need for diversification of jute products to achieve higher exports. India’s jute export stood at around ₹1,500 crore in 2022-23, which was up from ₹590 crore in 2016-17.

• Also read: Red Sea crisis: Indian tea exporters to Europe and US stare at massive losses 

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