India to become $ 30 trillion economy by 2047, exports to contribute 25%: Minister Piyush Goyal

New Delhi, Oct 17 (KNN) Commerce and Industry Minister Piyush Goyal on Sunday expressed confidence that by the year 2047, India will become a USD 30 trillion economy with 25 per cent share in exports.

Speaking at the Exporters Conclave held at Chennai, Goyal said that the Indian exports are capable to wither the global headwinds and will be able to touch the set export target of USD 2 trillion by 2030.

During his address, the commerce minister also gave assurance to the industry participants that the government is committed to addressing the issues raised by them.

Addressing the event, A Sakthivel, President, Federation of Indian Export Organisations (FIEO) said that Indian exporters have good opportunities for exports to Russia and the EU despite recessionary trends visible there.

He said that there would be about USD 8-10 billion additional exports to Russia in the next 12 months and USD 15-20 billion to the EU.

Sakthivel appealed to the government 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.

“The levy of GST on exports freight has added to exporter’s liquidity woes,” Sakthivel said.

In the meeting, exporters flagged several 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.

Other issues discussed during the session include 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 law-grade Iron Ore and non-tariff barriers faced by domestic exporters in the markets of EU, Japan, and China.  (KNN Bureau)