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xuding confidence over India’s exports growth, Commerce and Industry Piyush Goyal has said that the country’s merchandise and services exports will cross $2 trillion by 2030 from the current level of $765 billion, after he unveiled a ‘dynamic and responsive’ foreign trade policy. He said that goods exports have witnessed good growth considering the current global scenario while services exports may see a quantum jump in the current fiscal.

He said ‘we have to meet our exports targets going forward’ and added that ‘we will need to work a bit harder’ on goods exports. He further said ‘it shouldn’t be that by 2030, services exports cross $1 trillion while you (merchandise exports) lag behind. I am confident that we will cross $2 trillion by 2030’. The minister said he has asked the Department of Commerce to undertake a ‘massive focused concentrated’ outreach globally in the next 4-5 months sectorally as well as country-wise through Indian missions abroad with special focus on trade, technology, tourism and investment.

India’s total exports growth decelerated to 13.4 per cent in 2022-23 annually from 36 per cent expansion in the previous financial year as global demand was affected following outbreak of Russia-Ukraine war in February 2022 and other geopolitical reasons. He highlighted that ‘we will achieve exports of $1 trillion each in goods and services by 2030’. The Foreign Trade Policy 2023 outlines a host of measures and incentives to boost exports from India.