India Sets Sights on $2 Trillion Exports Through New Trade Policy Focused on Global Competitiveness and Untapped Potential
• India's exports have shown remarkable resilience, growing at 20% in 2021 and 9.7% in 2022 despite global slowdowns. The government aims for $2 trillion in exports by 2030.
• The new Foreign Trade Policy (FTP) 2023 focuses on enhancing India’s global competitiveness and aligning with the “Atmanirbhar Bharat” vision.
• Emerging high-growth destinations like Togo, Netherlands, Brazil, and commodities like sugar, aluminum, and rubber identified as export growth drivers.
• 75 products make up 50% of India's total exports in FY2023 but only 6% of global exports, signaling massive untapped potential.
• Services exports registered 24% average growth over 2 years. Ease of doing exports, new FTAs key for the $2 trillion export target.