FTAs and new markets will increase India's export to USD 1 trillion by 2030

One Trillion Dollar Export: There is going to be a tremendous increase in exports from India. Despite economic slowdown and conflicts across the world, India's exports will grow rapidly and will cross the record figure of $1 trillion by 2030. In this, bilateral agreements as well as Free Trade Agreement (FTA) and markets of Africa, Latin America and Central Asia will help a lot. Exports of expensive metals, minerals, automobiles, electronics, pharma, organic chemicals, textiles, spices and defense products from India are expected to increase rapidly.

India is exploring business possibilities of new countries

Exports from India are continuously increasing. In February 2024, it jumped by 11.9 percent on an annual basis to $ 41.4 billion. This was the largest figure after March 2023. Pharma, engineering and electric products have played an important role in this. India has recently emphasized on increasing trade with the countries of Africa, Latin America and Central Asia. This is also helping exports a lot. About $234 million worth of trade has taken place with these countries between April and December 2023.

FTAs can be done with Britain and Oman soon

Recently, India has also signed FTA with 4 European countries (EFTA). These include Iceland, Liechtenstein, Norway and Switzerland. With this agreement, Indian products will be able to reach European markets easily. Apart from this, FTAs ​​can also be signed with Britain, Oman and many Eurasian countries soon. At present, India's maximum exports are to America, Hong Kong, China, Singapore and United Kingdom.

India will perform well despite challenges

FIEO DG Ajay Sahay said that good news is going to come on the export front in the coming years. We can easily achieve the figure of one trillion dollars export in goods and services by the year 2030. However, at the beginning of the next financial year, inflation and geopolitical problems may pose a challenge to exports. We believe that the US Fed may reduce interest rates in the next review. This will help other countries to do the same. Due to this, demand will increase rapidly in many countries.

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