Govt Plans to set an Export Target of $800 Billion for FY23

On Wednesday, Commerce and industry minister Piyush Goyal discussed the targets of $450-480 billion for merchandise and $350 billion for services in a series of meetings held with exporters. The country is likely to set an ambitious export target of around $800 billion for goods and services for 2022-23. The newly expected target is almost 19.5% higher than $670 billion clocked in 2021-22. In 2021-22, India’s exports did really well, and in fact, exceeded the government's target by about 5%. On a yearly basis, it registered a growth of 40 percent. India's goods exports clocked a record $420 billion while services exports touched $250 billion.

An official said, "These are consultative meetings and the targets are yet to be fixed.” Exporters also raised the issue of high prices of inputs as buyers are now reluctant to raise prices proportionately due to sufficient inventory and scarcity of demand. According to the sources, Restoration of the Market Access Initiative scheme for the opening warehouses abroad, easing of visa requirements for tourism, and a revised Transport and Marketing Assistance scheme for certain agricultural products in view of the opportunity in farm exports from the Russia-Ukraine crisis was also raised.