Commerce and Industry Minister Piyush Goyal chaired a meeting with export promotion bodies on Thursday, following the conclusion of the India-New Zealand Free Trade Agreement (FTA). The minister emphasized the need for a strategic roadmap to achieve the ambitious target of $2 trillion in exports by 2030.
Focus on Boosting Exports
Goyal urged export councils to identify new markets and products, leverage the India-New Zealand FTA, and address non-tariff barriers. He highlighted the importance of diversifying export baskets and enhancing competitiveness in global markets.
Key Takeaways from the Meeting
- Target: $2 trillion in merchandise and services exports by 2030.
- Strategy: Focus on high-growth sectors such as pharmaceuticals, engineering goods, textiles, and IT services.
- FTA Benefits: The India-New Zealand FTA is expected to open new opportunities for Indian exporters, particularly in dairy, pharmaceuticals, and apparel.
The minister also called for a collaborative approach between the government and industry to streamline export processes, reduce transaction costs, and improve logistics infrastructure. He assured industry bodies of the government's full support in achieving the export target.
Industry Response
Export bodies welcomed the minister's push and pledged to work closely with the government. They highlighted the need for easier access to credit, market intelligence, and technology upgrades to boost exports.
The meeting comes at a time when India's exports have shown resilience, growing by over 15% in the first half of the fiscal year. The government aims to build on this momentum to reach the $2 trillion milestone by 2030.
