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Target $2 trillion exports by 2030: Goyal
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SME Times News Bureau | 20 Aug, 2021
Union Commerce and Industry Minister Piyush Goyal on Thursday exhorted
all export promotion councils to work towards achieving the $2 trillion
export target by 2030.
In a meeting, Goyal asked the export
community to target $2 trillion exports by 2030, comprising $1 trillion
merchandise and $1 trillion services exports.
He announced two
separate divisions that are being set up in the Commerce Ministry are
focused on the services sector in order to attain the $1 trillion
services export target.
Furthermore, Goyal urged all export
promotion councils to take immediate and effective steps to rise to the
challenge of achieving the merchandise export target of $400 billion for
2021-22.
"We need to maintain the export momentum for the next 8
months, with $34 billion exports per month to achieve this target. The
goal is ambitious, but possible if all including EPCs and their members
work together," he was quoted as saying in an official statement.
He further said that new FTAs are slated for early conclusion, while the FTA strategy is also being revamped.
"Free
Trade Agreements are being formulated in a much more interactive
process... we are engaging with industry to ensure that FTAs are fairly
and equitably crafted. At the same time, FTAs cannot be a one-way
traffic, we also need to open our markets, if we want a larger share in
foreign markets."
"So, we need to identify areas where we can
withstand competition. We can sort out FTAs fairly quickly, if the areas
where we have the ability to compete internationally can be identified,
as part of a collective effort."
Informing about the progress of
FTAs with various developed countries, the minister cited positive
momentum in terms of FTAs, with the UK, the EU, Australia, Canada, the
UAE, Israel and the GCC countries.
"Our effort is to ensure focus
on countries where we have significant potential, where we can compete
better and where market size is significant."
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹95.3
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₹93.6 |
UK Pound
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₹127.7
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₹123.7 |
Euro
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₹110.65
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₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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