On Sunday, Piyush Goyal, the minister of commerce and industry, expressed confidence that the nation will reach its goal of 2 trillion USD in products and services exported by 2030.
The minister was addressing at the Chennai-based Exporters Conclave.
Goyal stressed the need of maintaining the export momentum and expressed his confidence that Indian exports will be able to weather the global challenges and will far outpace export growth.
Additionally, he predicted that by 2047, the country’s economy would be worth USD 30 trillion, with 25% of that coming from exports.
He predicted that India’s exports would reach USD 2 trillion by 2030.
The government has promised to resolve the issues brought up by the industry participants.
A Sakthivel, President of the Federation of Indian Export Organizations (FIEO), remarked during the occasion that despite recessionary trends there, Indian exporters still have good potential for exporting to Russia and the EU.
In the upcoming 12 months, he predicted that exports to Russia would increase by around USD 8–10 billion and those to the EU by USD 15–20 billion.
In order to refinance banks at the repo rate up to the amount of credit granted to the export sector, he asked the minister to introduce the Exports Refinance Facility.
According to Sakthivel, the GST levy on export freight has made exporters’ liquidity problems worse.
Exporters raised a number of concerns at the meeting, including the growing cost of raw materials, the weakening demand in several important export destinations, and the need for increased support for exporters during this challenging time.
The need for a higher exporter interest subsidy, the extension of benefits for export to Russia under rupee payment, higher freight costs, the removal of the 50% duty on the export of law-grade iron ore, and non-tariff barriers faced by domestic exporters in the EU, Japan, and China markets were other topics covered during the session.