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Expressing optimism over India’s exports growth, industry body -- the PHD Chamber of Commerce and Industry (PHDCCI) has said that the country can scale up its merchandise exports to G20 nations to $500 billion by 2030 from the current $212 billion in 2021-22 and significantly reduce trade deficit. It added that as the fastest growing economy in the G20 nations, India will play a significant role to convert uncertainties into opportunities.

PHDCCI President Saket Dalmia said ‘India's Presidency would be impactful for bringing stability at the most crucial juncture of geo-political conflicts, high inflation and slowing economic growth’. India's enhanced integration with G20 countries will reduce its trade deficit with the grouping by more than 50 per cent by 2030 from the current level of $107 billion. At the 'Amrit Kaal' of India's 100 years of Independence, he said the industry body has identified 75 products which currently account for $175 billion (around 40 per cent) in India's total exports.

World imports of these products comprise more than $3,700 billion but India's share in these items is less than 5 per cent. PHDCCI said as 50 per cent of India's exports are to the G20 countries, there is an immense potential to scale up shipments. It further said India has signed 13 free trade agreements (FTAs) and 6 preferential trade agreements (PTAs) with various countries, of which only 3 FTAs are with the G20 nations (Australia, Japan and Republic of Korea). Among the G20 countries, India holds trade surplus only with 8 economies.