India sets a target of $500 Billion exports for FY23
According to Additional DGFT, Amiya Chandra, the government of India has set a target of $500 billion exports for the next financial year 2022-23. The country saw its highest exports ever in December 2021 with exports amounting to $37.8 billion.
He also said that the country is targeting to have $1 trillion exports by 2027. The official claimed that the pandemic has not affected the exports in the way that everyone has thought it would. However, the pandemic has reimagined world trade.
The base of exports from India has shifted from Europe and the United States to South East Asia. The DGFT official has also claimed that India is presently in the process of entering into six FTAs with the world is moving away from multinational trade agreements to bilateral ones.
Amiya Chandra also said that the government is planning to launch a separate portal for MSMEs and that artificial intelligence and other forms of technologies will play an important role in future trade.