India Eyes $2 Trillion in Exports by 2030 Amidst Policy Revisions

NEW DELHI: The Director General of Foreign Trade (DGFT) indicated on Friday that export projections for the current fiscal year are still being finalized. This comes amidst ongoing efforts to ease business operations and realize the ambitious target of $2 trillion in exports by 2030.

In FY’24, total exports recorded a slight gain, reaching USD 778 billion compared to the previous year’s USD 776 billion. The Federation of Indian Export Organisations (FIEO) projects that this year’s exports of goods and services might hover between USD 890-910 billion.

DGFT’s Santosh Kumar Sarangi stated, ‘The export target for the current fiscal year is yet to be finalised’ after conversing with Kolkata’s exporters. Additionally, there’s a pending proposal for extending the Interest Equalization Scheme, currently set to expire in June. This scheme offers pre and post-shipment Rupee export credits with two per cent interest for certain exporters and three per cent for MSME manufacturers.

Ajay Sahai, FIEO’s Director General and CEO, voiced the industry’s demand for restoring original interest equalization rates to three and five per cent, citing past reductions tied to RBI’s adjustments.

Questions about extending the Remission of Duties and Taxes on Export Products (RoDTEP) to Special Economic Zones (SEZs) were met with optimism, as Sarangi noted the extension is contingent on integrating SEZs into the Indian Customs Electronic Gateway (ICEGATE).

Technical issues affecting the Export Data Processing and Monitoring System (EDPMS) should be resolved by July, Sarangi assured. He also mentioned that the ‘Trade Connect’ e-platform, providing comprehensive export information, is set for a phased release within the next three months.

Source: Press Trust of India