India Aiming 12% Annual Merchandise Export Growth To Meet $1 Trn Vision: Official

India aims to achieve USD 2 trillion in total export by 2030, one trillion each in merchandise and services, said Santosh Sarangi, Director General, Directorate General of Foreign Trade on Tuesday.

“Currently our export is USD 450 billion, and to reach USD one trillion mark, we need to grow at a year-on-year rate of 12 per cent. Similarly in the service sector, we need to grow at 16.6 per cent on average every year, he informed while speaking on world trade day 2023 in Bhubaneswar organised jointly by World Trade Center (WTC).

Sarangi further remarked that Odisha needs investment in the pharmaceuticals and plastics sectors to grow its export scenario. He also spoke on the emergence and significance of ecommerce platforms. 

“Majority of the exporters are from places like Mumbai, Delhi, Chennai, Gujarat etc and not from interior places of the state like Sambalpur, Bolangir, Raygada etc even though there is huge potential from such places, the Director General mentioned.

In order to bridge the gaps, DGFT shall organise workshops focused on e-commerce in collaboration with the state government. These workshops shall provide end-to-end assistance on onboarding, payment gateways etc, he stated.

"We will also ensure the facilitation of export incentives like RODTEP are made accessible. We have recently signed three free trade agreements (FTAs) and working towards signing more FTAs with countries in the near future,” he added.

Saswat Mishra, IAS, Principal Secretary, MSME Department, Odisha government highlighted various aspects of state export policy and informed about the digital initiatives being undertaken by the state for facilitating the exporters. 

He further announced about the air cargo services commencing from the month of September which shall provide the much-needed impetus to exporters in Odisha to explore the international market. 

“Stakeholder meeting has been scheduled where exporters from the state shall discuss with the officials of Indigo Airlines various export-related aspects," Mishra added.

Petula Thomas, CEO, Indo- Australian Chamber of Commerce also deliberated on the huge potential for trade collaborations between India and Australia in sectors like metals and mining, food processing, educational services etc. 

Vijay Kalantri, Chairman, WTC Mumbai said, “As India aspires to become a five trillion dollar economy, MSMEs have a major role to play in realising this vision. In terms of economy, we stand at fifth position."

He added that in the next five years, India aspires to be placed in 3rd position and we need to work towards the goal in a substantial manner which can be achieved through integration with ASEAN, BRICS, BIMSTEC etc. "We have potential in sectors like IT, ITes and pharmaceuticals," Kalantri mentioned.