India's Merchandise And Services Exports Will Cross $2 Trillion By 2030 : Piyush Goyal

Commerce and Industry Minister Piyush Goyal has stated that India's merchandise and service exports will exceed $2 trillion by 2030, up from $765 billion now, after unveiling a 'dynamic and responsive' foreign trade policy.

He stated that, given the present global context, goods exports have grown well, while services exports may experience a significant increase in the current fiscal year.

He stated that 'we have to meet our exports targets going forward' and added that 'we will need to work a bit harder' on goods exports. He went on to say, 'it shouldn't be that by 2030, services exports cross $1 trillion while you (merchandise exports) lag behind. I am confident that we will cross $2 trillion by 2030'. The minister stated that he has directed the Department of Commerce to conduct a 'massive focused concentrated'  worldwide outreach in the next 4-5 months, both sectorally and country-wide, through Indian missions overseas, with a specific emphasis on commerce, technology, tourism, and investment.

India's overall export growth slowed to 13.4% in 2022-23, down from 36% the previous fiscal year, as global demand was hampered by the commencement of the Russia-Ukraine war in February 2022, among other geopolitical factors. He stated that  'we will achieve exports of $1 trillion each in goods and services by 2030'. The  Foreign Trade Policy 2023  offers a slew of measures and incentives aimed at increasing Indian exports.

"We will achieve exports of USD 1 trillion each in goods and services by 2030,"  Goyal stated.

"We always had the capacity to do more, but I feel it needed Prime Minister Narendra Modi to pump up our energies and enthusiasm and see the change witnessed thereafter," Goyal added.

Due to global uncertainty, the World Trade Organization WTO expects global trade growth to slow to 1% in 2023.