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Services Exports Will Help India Reach $2Tn Export Aim By 2030: Report

Updated: Nov 24, 2023 04:41:08pm

Services Exports Will Help India Reach $2Tn Export Aim By 2030: Report

New Delhi, Nov 24 (KNN) According to PHD Chamber of Commerce and Industry report, the services exports could push the country to achieve the USD 2 trillion export target by 2030.

The report titled, 'India's Emerging Export Dynamis', said that India’s exports have demonstrated resilience among the world's top 20 exporters in 2021-22.

This growth, an average of 24 per cent over the past two years, has been attributed to competitive pricing and resilience in the global market, positioning the sector as a key driver for the ambitious export goal.

It also highlighted the consistent growth in India's top 10 emerging export markets over the last five years, It cited significant growth in exports to Togo, the Netherlands, and Brazil, among others. 

However, the report has called for government action to reduce business costs and enhance ease of doing business to maintain competitiveness.

India’s growth of exports during 2021 and 2022 at 20 per cent and 9.7 per cent respectively was the highest among the top 20 leading exporters, it added.

Sanjeev Agrawal, president, PHD Chamber said, “export of commodities such as sugar, fuels, aluminum, and medical apparatus has seen high growth, benefiting from the dynamic policy environment and integration with global value chains.”

"After a strong rebound from the depths of the pandemic, the pace of exports was slowing during the past few months, however, exports of goods and services are showing signs of significant revival after a brief spell of slowdown as October 2023 exports picked up by 9 per cent," he added.

India's merchandise trade deficit widened to a record high in October due to surging gold imports and oil prices, exacerbated by global economic challenges and geopolitical tensions.

The trade deficit widened to USD 31.46 billion last month, with imports at USD 65.03 billion and exports at USD 33.57 billion, according to data from commerce ministry.

In October last year, trade deficit stood at USD 26.31 billion.

The forthcoming Foreign Trade Policy (FTP) 2023, with its focus on Duration, Dynamism, Decentralisation, Direction, and Disaster proofing, is expected to boost India's export capacity, aligning with the nation's self-reliant ("Atmanirbhar") vision, as stated by Ranjeet Mehta, Executive Director of the PHD Chamber.

(KNN Bureau)


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