India’s laid out an ambitious target to achieve $2 trillion annually in overall exports by 2030 as the South Asian country makes a renewed push to become a top choice for companies shifting manufacturing away from China.
(Bloomberg) — India’s laid out an ambitious target to achieve $2 trillion annually in overall exports by 2030 as the South Asian country makes a renewed push to become a top choice for companies shifting manufacturing away from China.
The projections by the Trade Ministry are more than double an overall $900 billion yearly target for between 2015 and 2020, which was repeatedly extended as officials blamed pandemic-related disruptions for the missed deadlines.
While officials have spoken about achieving $2 trillion in merchandise and services exports in the past, this is the first time it has been made into a policy. This comes as India chairs of the Group of 20 countries this year and Prime Minister Narendra Modi’s government has been touting the potential of the nation, which is set to become the world’s fastest growing large economy in the next three years.
“We have to meet our exports targets going forward,” Trade Minister Piyush Goyal said in a briefing Friday. “We will achieve $2 trillion in exports by 2030, but we should ensure merchandise exports don’t fall behind services exports.”
Despite the buoyant projections, officials at the ministry have warned that exports would be slightly challenging this year. India’s goods trade has been falling in recent months as tighter monetary conditions and higher prices crimp demand.
Earlier, an official said India’s overall exports would hit $770 billion in FY2023, a record level though it falls short of the previous $900 billion target.
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