Piyush Goyal, the minister of commerce and industry, expressed confidence that the nation would reach its goal of 2 trillion USD in goods and services exported by 2030. The minister was speaking at the Chennai-based Exporters Conclave.
Goyal emphasised the importance of maintaining the export momentum and expressed confidence that Indian exports will be able to weather the global headwinds and will outpace export growth by a "big" margin.
In addition, he forecast that the nation's economy would be worth USD 30 trillion by 2047, with exports accounting for 25% of that total.
By 2030, he estimated, India's exports would total USD 2 trillion
The government has promised to address the issues brought up by the industry participants.
A Sakthivel, President of the Federation of Indian Export Organizations (FIEO), said during the event that despite recessionary trends there, Indian exporters still have good opportunities for exports to Russia and the EU.
In the upcoming 12 months, he predicted that exports to Russia would increase by about USD 8–10 billion and those to the EU by USD 15–20 billion.
Piyush Goyal emphasised the significance of keeping up the momentum for exports and expressed confidence that Indian exports will be able to withstand global challenges and will outpace export growth by a significant margin.
In order to refinance banks at the repo rate up to the amount of credit extended to the export sector, he asked the minister to introduce the Exports Refinance Facility.
Sakthivel claims that the GST surcharge on export freight has made exporters' liquidity issues worse.
The government has pledged to address the problems brought up by business stakeholders.
Exporters raised a number of concerns at the meeting, including the rising cost of raw materials, the weakening demand in some important export markets, and the need for increased support for exporters during this challenging time.
Higher freight costs, the removal of the 50% duty on the export of law-grade iron ore, the requirement for a higher exporter interest subsidy, the extension of benefits for export to Russia under rupee payment, and non-tariff barriers faced by domestic exporters in the.