India set for $2-trn exports by 2030

New Delhi: Measures like comprehensive trade pacts, reduction in cost of capital, power, and land reforms will help boost India’s exports of goods and services to $2 trillion by 2030, an industry chamber report said on Thursday.

The PHDCCI’s report also recommended schemes for 75 potential export products including marine items, iron ore, some chemicals, pharma, cotton, aluminium, and tankers to promote shipments.

“The 75 products have been identified from nine most promising sectors. These products contribute around $222 billion, which is around 50 per cent of India’s total exports. At the global level, these 75 products have significant presence in world exports, whereas India’s share of these products is only six per cent of the total world exports,” it said.

The report, India’s Emerging Export Dynamics: Vision $2 Trillion Exports by 2030, added that India’s service exports have traditionally been concentrated in North America and Europe, but growing continents like Asia, Africa, and Latin America also offer plenty of scope for growth.