News Brief
Commerce Ministry Working On Plan To Achieve $1 Trillion Exports By 2030, Engages ADB For Study: All About It
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The Commerce Ministry is setting its sights on achieving a USD 1 trillion merchandise exports target by 2030, initiating an extensive exercise to identify infrastructure needs, potential sectors, and clusters.
Additional Secretary Anant Swarup revealed that the ministry has engaged the Asian Development Bank (ADB) to conduct a study in this regard, reported Indian Express.
Swarup also mentioned the importance of not only boosting export figures but also addressing import requirements to support the targeted trade volume.
“The ADB is doing a study for us because what is more important is from where the USD 1 trillion of exports is going to come from; which are those sectors and clusters from where this USD 1 trillion of exports is going to come from. That is very critical for us," he said.
Meanwhile, Santosh Kumar Sarangi, Director General of Foreign Trade (DGFT), echoed similar sentiment, emphasizing the importance of further infrastructure development at ports and airports to bolster exports.
“Similarly in the railways, we need to create an infrastructure which will allow railways to carry on an additional 338 million tonnes of goods by 2030. Airports also need to create an additional 5 million tonnes of facilities for movement of goods. So these are big challenges but not insurmountable challenges,” he added.
Sarangi also highlighted the significant potential of e-commerce in driving export growth, citing the projected exponential increase in cross-border e-commerce trade.
