Despite the COVID-19 pandemic and global supply chain disruption, India’s exports reached a new high of USD 421.8 billion in the fiscal year ended March 2022.
The shipping might reach USD 1 trillion by 2030, according to Union Minister for Commerce and Industry Piyush Goyal.
India could attain a target of USD 1 trillion in merchandise and services exports apiece by 2030, Goyal said at the World Economic Forum in Davos during the “Breakfast session Discussion on Trade 4.0.”
Noting that the government has spent much of the last eight years focusing on structural reforms, the minister stated that each of these movements has served India well during times of crises.
India has a good macroeconomic climate aided by sound economic policies & a large consumer base.
It boosts our confidence that many large companies have expansion plans in India leading to more FDI & jobs.
— Piyush Goyal (@PiyushGoyal) May 24, 2022
In spite of constraints such as COVID-19, chip shortages, conflict, rising commodity prices, container shortages, and significant shipping and logistics issues it has been facing in the last two years, which caused massive supply chain disruptions that threw the global economy off-balance, the minister said that Indian businesses had shown great resilience, overshooting export targets.
He urged Indian industry to focus on increasing value-added exports and ensuring that new employment were created in India rather than raw commodities being exported.