India Will Achieve $2 Trillion Export Target By 2030, Says Piyush GoyalGoyal also said that India will become a $30 trillion economy with 25 per cent share in exports by 2047

Commerce and industry minister Piyush Goyal, on Sunday, said that the country will achieve the export target for goods and services to $2 trillion by 2030. While speaking at the Exporters Conclave held at Chennai, Goyal also said that India will become a $30 trillion economy with 25 per cent share in exports by 2047.

According to a data released by the commerce industry on Friday, India's merchandise exports rose by 4.82 per cent to $35.45 billion. During April-September 2022, exports recorded a growth of 16.96 per cent to $231.88 billion.

"Indian exporters have good opportunities for exports to Russia and the EU despite recessionary trends visible there. There would be about $8 to $10 billion additional exports to Russia in the next 12 months and $15 to $20 billion to the EU," said A Sakthivel, president of Federation of Indian Exports Organisations (FIEO), in a statement.

He also requested the minister to introduce the exports refinance facility for banks so as to refinance them at the repo rate to the extent of credit extended to the export sector.

During the session, exporters raised many issues related to the rising cost of raw materials and subdued demand in certain key export markets and the need for more support to the exporters in this difficult time. The concerns also included the need for higher interest subsidy for exporters, extension of benefits for export to Russia under Rupee payment, higher freight costs, withdrawal of 50 per cent duty of export of low-grade Iron Ore and non-tariff barriers faced by domestic exporters in the markets of EU, Japan and China.

As per reports, the industry participants were assured that the government is committed to addressing the issues raised by them.