The Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi on Friday said export targets for the current financial year are still being finalised.
According to Sarangi, the country needs to further improve the ease of doing business in order to achieve the $2-trillion export target by 2030. To this end, the first phase of the “Trade Connect ePlatform” for Indian exporters will be unveiled within the next three months.
Eplatform
The ePlatform is expected to provide facilitation for new and aspiring exporters, information on various regulations to access overseas markets. In the second phase, trade finance services will be integrated into the platform.
“Export target for the current fiscal is not yet finalised,” Sarangi told the media after interacting with the members of the Federation of Indian Export Organisation (FIEO) in Kolkata.
Despite persistent global challenges, India registered record exports in the financial year 2023-24 at $778 billion. Overall exports stood at around $776 billion in the financial year 2022-23.
FIEO Director General and CEO Ajay Sahai said India’s exports should grow at a compound annual growth rate (CAGR) of 12.5 per cent for next few years to achieve the $2-trillion target by 2030. According to Sahai, from FY18 to FY24, the export grew at a CAGR of 8.2 per cent.
He said while exports of electronics, machinery and mechanical equipment did well, in case of labour intensive sector like footwear, gems and jewellery, and apparel exports remained a concern. “We have to carefully look into global trends to boost labour-intensive exports,” Sahai added.