Business & Economy

India's Apex Organization Aims For Exports Worth $1 Trillion By 2030

© AP Photo / Ajit SolankiMango
Mango - Sputnik India, 1920, 20.03.2024
India remains a bright spot among the world's large economies, targeting a significant jump in the merchandise exports compared to the last fiscal year. Now, India's apex export body has set a bold target of $1 trillion by the end of the present decade.
India's premier export organization, the Federation of Indian Export Organisation (FIEO), is aiming for merchandise exports worth $1 trillion by 2030 amid a rising demand for the nation's products overseas.
According to Ashwani Kumar, who serves as the President of the FIEO, India's exports of merchandise items, including petroleum products, engineering goods and drugs and pharmaceuticals amongst others rose to $395 billion in 2022-23.
He stressed that FIEO reckons that these would surge to $450 billion in the current fiscal.
Kumar underlined that he would focus on Micro, Small & Medium Enterprises (MSMEs) to achieve the $1 trillion target for India's merchandise products.
"I will focus on addressing issues of MSMEs as they are going to play. They will play a key role in achieving the USD 1 trillion goods export target by 2030. They are the backbone of the economy and they are facing certain issues pertaining to credit. I would urge banks to come forward in extending support to these units," he said in New Delhi on Tuesday.
Notably, India's exports in various sectors have grown despite disruptions in trade due to the Red Sea crisis where Yemen's Houthis are engaged in an armed conflict with the US-led alliance.
Indian Prime Minister Narendra Modi, arrives to lead the opening of a temple dedicated to Hinduism's Lord Ram in Ayodhya, India, Jan. 22, 2024. - Sputnik India, 1920, 19.03.2024
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