Country’s Exports linked to its per capita income: Research

When India is facing uncertainty overMerchandise Exports for the current financial year, the Director General Foreign Trade Santosh Kumar Sarangi has come out with a new formulation of a linkage between higher Exports and higher per capita income of a country.

Addressing the inaugural edition of India Business and Trade Annual Conclave 2023 the DGFT said research reveals a positive coorelation between the two factors. India is focusing on both demand and supply side aspects with respective policies for achieving the two trillion US dollar exports target by 2030.

He expressed confidence that while the 2 trillion US dollars export target is ambitious as it entails an annual growth of 14.5 per cent, it is not impossible. We must, however, be wary of Geopolitical concerns, Global economic scenario as well as growing protectionism.

While there is significant room for export growth in top markets, Mr Sarangi also said that India must adapt its profile of export products in line with the global trade scenario to achieve the ambition. ”We are working on the manifold strategy from demand to supply side…signing more FTA’s, generating investment and marketing and promotion,”

DGFT also informed that we try to address issues on seamless E-commerce for export promotion. We are in touch with Department of Revenue, RBI, Ice-gate, Department of Post on the issues which entail Remission of Duties and Incentives, ensuring postal bills flows into Ice-gate, building a regulatory system, which addresses return back.

The Trade Promotion Council of India (TPCI) organized the first edition of the India Business & Trade Annual Conclave in Delhi on May 23rd. The Conclave, organized with the  support of the Directorate General of Foreign Trade, NITI Aayog, and the Ministry of External Affairs was based on the theme “India @2030: Decoding FTP ’23 and Blueprint for a 2 trillion US Dollars export economy’.

The India Business & Trade Conclave 2023 was attended by a wide cross-section of stakeholders spanning policy, industry, academia, foreign embassies, trade promotion bodies, consultants, law firms, technology, banking and logistics sectors.

TPCI is an apex trade and investment promotion organization notified in the Foreign Trade Policy. TPCI is also recognized and supported by the Department of Commerce.