India needs to drastically change its Export Profile

India needs to change its profile of Exports drastically to achieve the target of 1 trillion US dollars goods exports by 2030 and all attempts are being made to do that.

Mr.Santosh Kumar Sarangi, Director General Foreign Trade (DGFT), said that exports must grow at 14.5 per cent on to reach the target of 2 trillion in goods and services amid geopolitical challenges like the Russia-Ukraine war and China's relation with Taiwan on one hand and the US and the EU on the other.

"There are emerging challenges like building supply chain resilience for critical minerals, energy resources and high-end technology. There are new non-tariff barriers like sustainability and labor standards. Plus the return to industrial policy of some countries like the CHIPS Act (in US and EU) and Inflation Reduction Act of the US focus on promoting some industries (basically a renewed push for manufacturing from services)," he said at an event organized by Trade Promotion Council of India. However, India is well placed to tackle the challenges and is on the way forward to meet its targets.