Commerce Ministry joins forces with ADB to achieve $1 trillion in exports by 2030

The Ministry of Commerce is aiming for a goal of exporting goods worth one trillion dollars by the year 2030. To achieve this, they are thoroughly examining what infrastructure improvements, key industries, and regional hubs are necessary.

Anant Swarup, the Additional Secretary, has disclosed that the ministry is collaborating with the Asian Development Bank (ADB) to carry out a study to support this initiative, as reported by Indian Express.

Swarup also stressed the need to enhance not just the export numbers but also to meet the import demands that are essential to reach the desired trade figures.

He emphasized, “The ADB’s research is crucial because we need to understand where exactly the one trillion dollars in exports will originate from, including the specific sectors and regional hubs. This understanding is vital for us.”

At a CII conference dedicated to robust export logistics, Swarup highlighted the importance of integrating India into the international supply chains and improving the nation’s manufacturing strength.

In the same vein, Santosh Kumar Sarangi, the Director General of Foreign Trade (DGFT), underlined the need for additional infrastructure at ports and airports to support export activities.

He pointed out, “For the railways, we must build infrastructure that can handle an extra 338 million tonnes of cargo by 2030. Airports also need to expand their capacity by an additional 5 million tonnes for goods movement. These are significant challenges, but they are not beyond our ability to overcome.”

Sarangi also pointed to the vast potential of e-commerce in propelling export growth, noting the expected sharp rise in international e-commerce transactions.

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