RISE IN INDIAN export: acheiving $2 trillion target by 2030

India’s recent growth in the field of merchandise export has been increasing in value at high pace. According to a report by Standard Chartered Bank, India’s export is expected to grow higher than the world average.

The global growth in goods trade will be 5% on average till 2030 to touch $32.6 trillion, whereas, India’s own growth will be at the rate of 7.5% to touch $773 Billion by 2030. Vietnam, Indonesia and Turkey are amongst the top countries that India exports good to in terms of value. USA, China and UAE are the top clients in terms of volume exported by India. By 2030, India is expected to export 31% in metals and minerals goods, and 15% in textile and apparel. India is expected to reach 2.37% from 1.8% in its share to global exports.

“We have to meet our exports target going forward, we need to work a little harder” says Piyush Goyal, Cabinet Minister on Goods Export expressing confidence that India’s merchandise combined with services exports will cross $2 trillion by 2030 which currently stand at $765 Billion.

India’s exports rose by 6% to the value of $447 billion in 2022-23 which in 2021-22 stood at $422 billion. $25 billion growth in a year is an impressive achievement, however, Imports are still heavier on the scale which makes India’s merchandise trade deficit pace a little slow. The target of $2 trillion is still expected to be reached as India holds great power in service export sector which can easily touch $1 trillion on its own by 2030, as estimated.

It is believed that the boost in the merchandise exports was possible with the help of certain agreements signed between India and other countries before the deal, such as Free Trade Agreement (FTA) and Preferential Trade Agreement (PTA), etc. India’s Free Trade agreement with UAE & Australia came into force recently- enforcing India’s capability as a manufacturer and exporter.  

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