India is furiously chasing its target of earning USD 2 trillion in exports by 2030, said Finance Minister Nirmala Sitharaman on Tuesday at the inauguration of India Exim Bank’s Trade Conclave in New Delhi.
Enthusiastic about the country’s record-high exports total of USD 825 billion in FY25 (inclusive of goods and services), Sitharaman said she was confident about India’s growth exceeding 6.3 per cent despite global headwinds, especially on the trade front.
While world exports grew by a meagre 4 per cent, she pointed out, India’s exports high in FY25 was 6 per cent higher than last year.
Negotiations with both the US and the European Union (EU) are in full swing, assured the finance minister.
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While India has already signed free trade agreements with the UAE, Australia, and the four-nation EFTA (European Free Trade Association) bloc and negotiations have been completed with the UK, India’s free trade agreement discussions with the US and the EU are “really intensely going on and should come to conclusion sooner,” she said.
With Indian exporters "swimming against the tides", Sitharaman assured them of “all her support”, and urged that they focus on innovation and exploration of new markets.
Also speaking at the event was India’s Financial Services Secretary, M Nagaraju, who said India's growth prospects remain bright even as the world’s economy is facing its worst chaos amidst political uncertainty.
"Even amidst all the global headwinds, India continues to be a beacon of hope," he said.
Nagaraju asserted that the commerce industry is “trying very hard” to integrate India’s exports with global value chain, and doing well, despite the numerous challenges.
“Exports from the pharmaceuticals and gems and jewellery sectors are showing resilience,” he said, adding that the finance ministry is committed to “extending support through policy, schemes and financial aid”.
"Our financial systems are strong with adequate capital and low non-performing assets," he said.
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