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India's exports rose to a record high of USD 421.8 billion during the financial year ended March 2022 despite the COVID-19 pandemic and global supply chain disruption and the shipment may surge to USD 1 trillion by 2030, Union Minister for Commerce and Industry Piyush Goyal said on Tuesday.
Addressing the "Breakfast session Discussion on Trade 4.0" at the World Economic Forum in Davos Goyal said, India could achieve a target of USD 1 trillion worth of merchandise and services export each by 2030. Noting that in the last 8 years, the government had focussed extensively on structural reforms the minister said that each one of those movements has been holding India in good stead during times of crisis. Observing that the India story had been receiving a lot of enthusiasm across the world, the minister said that in spite of constraints like COVID-19, chip shortages, conflict, rising commodity prices, container shortages and significant shipping and logistics issues it has been facing in the last two years, which caused massive supply chain disruptions that threw the global economy off-balance, Indian businesses had displayed great resilience, overshooting export targets and achieving USD 421.8 billion worth of exports. He urged Indian industry to look at boosting value-added exports and ensure that new jobs came into India instead of raw materials going out of India. Highlighting the serious efforts being made in that direction, the Minister said that the government was striving to ensure orderly behaviour of prices and ensure that businesses add value and jobs, according to a statement released by the Ministry of Commerce & Industry. Stressing upon the government's bid to bring down logistics costs through measures such as PM GatiShakti, the Minister said that the National Master Plan would help improve infrastructure planning and ensure the implementation of projects within time and budget. Assuring that the government would wholeheartedly support businesses, the Minister urged the industry to bring scale into all economic activities. Expressing concern over the excessive dependence on international supply chains, Goyal urged businesses to procure locally wherever there is an opportunity. He asked businesses to support each other and help fortify domestic supply chains. Referring to Trade Agreements recently inked with UAE and Australia, the Minister said that these agreements were opening new frontiers in international trade. He added that agreements with Canada, EU, UK, Israel and GCC were in the pipeline. The Minister said that the world had great confidence in India and wanted to engage with it enthusiastically. (ANI)
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