Commerce Ministry's Plan for $1 Trillion Exports by 2030
- 27 Apr 2024
On 25th April 2024, India's Commerce Ministry initiated infrastructure assessment to meet export targets amid sustainability concerns, following EU's sustainability directives.
Key Points
- India's Export Infrastructure Strategy: The Commerce Ministry begins a comprehensive review to identify infrastructure needs crucial for achieving the $1 trillion merchandise exports target by 2030.
- EU's Sustainability Directives: European Parliament's approval of the Corporate Sustainability Due Diligence Directive prompts India's focus on sustainability amid export ambitions, given the potential impact on key sectors.
- Challenges from EU Regulations: India grapples with the implications of the Corporate Sustainability Due Diligence Directive and the carbon border adjustment mechanism, especially concerning iron, steel, and aluminium exports to the EU.
- Emphasis on Sustainability: Government officials highlighted the necessity of reducing carbon footprint and enhancing sustainable logistics infrastructure to align with global sustainability standards.
- Integration into Global Supply Chains: A key priority for India is enhancing integration into global supply chains, recognizing that 70% of global trade occurs within these chains.
- Infrastructure Enhancement: Addressing the need for robust infrastructure, officials outline plans to upgrade ports, railways, and airports to support increased export and import volumes.
- Infrastructure Challenges and Solutions: The government faces the challenge of creating infrastructure capable of handling additional goods movement, particularly in ports, railways, and airports, but remains optimistic about overcoming these hurdles.
