A holistic and aggressive exercise to boost exports could take the figure for merchandise exports to US$ 1 trillion by 2029-30 at a CAGR of 14%.
CII has identified 13 sectors at the HS 2-digit level that have the best potential to be ramped up to reach the target. These non-fuel, non-gems & jewellery product groups accounted for 41% of India’s aggregate exports in 2019 and can be scaled up to reach over 50% of the aggregate by 2030. These items will require to be actioned in mission-mode to achieve multifold growth from the current levels.
The remaining half of proposed exports to US$ 1 trillion would emanate from remaining products, including fuel and gems & jewellery. All products would benefit from overarching strategies to facilitate trade.
Key areas of action can be placed in two buckets – actions that need to be taken at the demand side for market access in the international arena and actions that need to be taken on the supply side for national competitiveness.
Export policies must be designed to address multiple issues such as manufacturing capabilities, infrastructure connectivity, and export finance. Policies to open up market access are also required to be taken by the central government, while state governments must partner in the mission as well.