India Will Achieve USD 2 Trillion Export Target By 2030: Piyush Goyal

India Will Achieve USD 2 Trillion Export Target By 2030: Commerce & Industry Minister Piyush Goyal expressed confidence that the nation will achieve the export target for goods and services to USD 2 Trillion by 2030. Goyal was speaking at the Exporter’s Conclave held in Chennai on 16th October 2022. The minister emphasized on sustaining the export momentum and he is confident that Indian export will be able to wither the global headwinds and will surpass growth in export by a big margin.

He also said the country will become USD 30 trillion economy with a 25% share in exports till 2047. Some other issues discussed during the session include the need for higher interest subsidies for exporters, higher freight costs, withdrawal of 50 % duty of export of law-grade, and extension of benefits for export to Russia under Rupee payment and nontariff barriers faced by domestic exporters in the markets of Japan, China, and EU.

India Will Achieve USD 2 Trillion Export Target By 2030: Piyush Goyal

• Mister Piyush Goyal said, there would be about 8-10$ billion additional exports to Russia in the next 12 months and 15-20$ billion to the EU.
• He also requested the ministers to introduce the Exports Refinance Facility for banks to refinance them at the repo rate to extent of credit extended to the export sector.
• He said that by 2047, the country will become a USD 30 trillion economy with a 25% share in exports.
• Some other issues discussed during the session include the need for higher interest subsidies for exporters, higher freight costs, withdrawal of 50 % duty of export of law-grade, and extension of benefits for export to Russia under Rupee payment.
• He mentioned that by the year 2030, exports from India will be USD 2 Trillion.

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