The Centre is confident of achieving an export target of $2 trillion by 2030, said union commerce secretary, Sunil Barthwal, while speaking at a seminar hosted jointly by Bharat Chamber of Commerce (BCC) and Indian Council of Arbitration on foreign trade policy (FTP).
At present Indi’as exports of goods and services stand at $750 billion. Barthwal said that $1trillion will be forthcoming from merchandise exports and another $1 trillion from services.
He said that post pandemic, space in the Special Economic Zone (SEZ) was lying vacant with work from home in vogue, so the Centre was working on reforms in the SEZ policy to carry on the movement of goods between domestic tariff area (DTA) and SEZ space smoothly without affecting the competitiveness of goods in export markets.
He added that reforms in the SEZ are in the offing and there is demarcation of SEZs into SEZ and DTA spaces. “We need to integrate with the global value chain for our advantage,” he said. Barthwal feels India should concentrate on the production of value-added products like processed food and marine products, instead of exporting them raw.
“The new FTP aims at widening our participation in those value chains and improving our manufacturing competitiveness,” he said.