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Commerce and Industry Minister Piyush Goyal on Sunday expressed confidence that the country will achieve the $2-trillion export target for goods and services by 2030.
The minister was speaking at the Exporters’ Conclave held at Chennai.
Goyal emphasised on sustaining the export momentum and said he is confident that Indian exports will be able to wither global headwinds and will surpass growth in exports by a “big” margin.
He also said the country will become a $30-trillion economy with 25 per cent share in exports by 2047.
“By the year 2030, exports from India will be $2 trillion,” he said.
Industry participants were assured that the government is committed to addressing issues raised by them.
Speaking at the event, A Sakthivel, President, Federation of Indian Export Organisations (FIEO) said Indian exporters have good opportunities for exports to Russia and the EU, despite the recessionary trends visible there.
There would be $8-10 billion worth of additional exports to Russia in the next 12 months and $15-20 billion to the EU.
He requested the minister to introduce an exports refinance facility for banks so as to refinance them at the repo rate to the extent of credit extended to the export sector.
The levy of GST on export freight has added to exporters’ liquidity woes, Sakthivel said.
In the meeting, exporters flagged several issues related to the rising cost of raw material, subdued demand in certain key export markets, and the need for more support to exporters.
Other issues discussed during the session include the need for higher interest subsidy for exporters, extension of benefits for export to Russia under rupee payment; higher freight costs; withdrawal of 50 per cent duty on export of law-grade iron ore; and non-tariff barriers faced by domestic exporters in the EU, Japan, and China markets.
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