India is targeting $2 trillion in total exports by 2030–31, comprising $1 trillion in merchandise exports and $1 trillion in services exports, the government said on Wednesday.

The Department of Commerce has developed a structured Export Monitoring Framework, which breaks down the national target into sector-wise actions across Engineering Goods, Textiles, Electronics, Pharmaceuticals, Chemicals and Services, said Commerce Minister Piyush Goyal who chaired a high-level review meeting here.

Goyal stated that achievement of the target will be based on three key pillars.

These include clearly defined and actionable points with timelines, where each sectoral action is assigned to a Nodal Joint Secretary, classified as supply-side or demand-side, linked to key performance indicators and aligned with short, medium and long-term timelines.

He also emphasised the importance of inter-departmental coordination, with supporting Ministries and Departments identified for each task to ensure effective resolution of exporter-related issues.

In addition, Goyal highlighted the need for an IT-enabled monitoring platform to facilitate regular tracking of progress, with an automated escalation mechanism for review at the levels of Secretary and Minister.

The Minister further directed that, in consultation with the concerned line Ministries, priority sectors be identified where a clearly defined import substitution strategy can be pursued alongside efforts to boost exports.

He reviewed the implementation of the Export Promotion Mission, a flagship MSME-focused initiative aimed at addressing key bottlenecks faced by exporters and enabling broad-based, inclusive and sustainable export growth.

The EPM is being implemented through two integrated sub-schemes, ‘Niryat Protsahan’, focused on access to trade finance, and ‘Niryat Disha’, focused on market access.

He noted that ten components under the EPM have been operationalised. These include Interest Subvention, Alternative Trade Finance (Export Factoring), Credit Assistance for E-Commerce Exporters, Collateral Support for Export Credit, Risk Sharing for Emerging Export Opportunities, Support for Testing, Inspection and Certification, Market Access Support, Support for Export Warehousing and Logistics, Support for Inland Transport and Handling, and Support for Trade Facilitation and Intelligence.

Goyal also took note of the Relief Scheme launched under the EPM to support exporters affected by the ongoing West Asia crisis.

The Minister also underscored the importance of strengthening ‘Brand India’ as an overarching umbrella for India’s export promotion efforts across sectors and markets.

Goyal also held a productive meeting with department officials to explore ways to strengthen Government e-Marketplace as a catalyst for transparent, competitive and inclusive public procurement.