The minister was confident enough to say that sustaining the export momentum will enable Indian exports to deal with the global headwinds and will surpass growth in exports by a “big” margin
Commerce and Industry Minister Piyush Goyal said that India will hit a target of two trillion dollar for goods and services export by 2030. The minister delivered his address at the Exporters Conclave held at Chennai, on 16 October.
The minister was confident enough to say that sustaining the export momentum will enable Indian exports to deal with the global headwinds and will surpass growth in exports by a “big” margin. He also said that, with 25 per cent share in exports, the country will become a 30 trillion dollar economy, by 2047.
The industry participants were assured that the government is committed to addressing the issues raised by them.
President of the Federation of Indian Export Organisations (FIEO) A Sakthivel, said that even though recessionary trends visible in Russia and Europe, there exists good opportunities of exports for Indian exporters.
Sakthivel said that in the next 12 months there would be additional exports to Russia and Europe at around 8 to 10 billion dollar and 15 to 20 billion dollar, respectively. He urged the minister to introduce the Exports Refinance Facility for banks in order to refinance them at the repo rate to the extent of credit extended to the export sector.
Exporters’ liquidity woes have increased after the levy of GST on exports freight said Sakthivel. During the meeting, exporters raised several issues such as hike in cost of raw materials and decreased demand in certain key export markets and support required to the exporters during difficult time.
Various other issues were raised too during the session including the need for higher interest subsidy for exporters, benefits under export to Russia in Rupee payment, higher freight costs, fifty per cent duty withdrawal of export from low-grade Iron Ore and non-tariff barriers experienced by domestic exporters in European, Japanese and Chinese markets.