News Brief
Commerce Ministry Working On Plan To Achieve $1 Trillion Exports By 2030, Engages ADB For Study: All About It
Representative Image
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.
Speaking at a CII conference focused on resilient export logistics, Swarup reiterated the crucial role of integrating India into global supply chains, stressing the need to enhance the country's manufacturing capabilities.
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.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
