New Delhi, July 6 (KNN) Coordination between the Commerce Ministry and the Ministry of External Affairs (MEA) will support India’s journey to attain its export targets, said Prafulla Chandra Mishra, Statistical Advisor, Directorate General of Foreign Trade (DGFT) on Wednesday. 

Speaking at an event of PHD Chamber, he said that PM Modi has proposed a 3T strategy focusing on trade, tourism and technology to strengthen Indian economic diplomacy. 

“This can be done by utilising India’s overseas missions and embassies,” Mishra added. 

Explaining the methodology of export targeting, he said India is aiming to achieve exports of USD 1 trillion each in merchandise and services by 2030. 

“It is important to achieve an overall compounded annual growth rate (CAGR) of 14.47% including a merchandise CAGR of 12.05% and services CAGR of 17.39%,” Mishra said.

Sanjay Aggarwal, Former President, PHDCCI called for reducing the gap between exports and imports. He observed that India has been importing on a higher side and exporting less which needs to be addressed. 

“All MSMEs must explore the favourable export destinations on the back competitive infrastructure provided by the government,” he said. 

Aggarwal also called for rationalisation in customs duties for facilitating exports. (KNN Bureau)