India targets $500bn in FY23 exports, says DGFT official

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India has set an export target of $500 billion for the financial year 2022-23, a senior government official said on Friday, saying the COVID-19 pandemic has taught the country to ‘re-imagine’ world trade. In December 2021, exports stood at $37.8 billion, the highest on record for a month. DGFT Amiya Chandra said during a webinar organized by the Bengal Chamber of Commerce and Industry.

“We are on track to hit $400 billion in the current fiscal year. So far, in the first nine months, the country’s exports have amounted to $301.38 billion,” he said. -he declares.

Chandra said India is targeting $1 trillion in exports by 2027.

“The fear that COVID-19 will lead to a sharp decline in foreign trade has proven negative. However, the pandemic has taught us to reinvent global trade,” he said.

The pivot of international trade has shifted from Europe and the United States to Southeast Asia, Directorate General of Foreign Trade the official said.

He also said that the world is moving from multilateral to bilateral trade agreements, and India is currently in the process of concluding six FTAs.

Chandra said that in the future, artificial intelligence and other forms of technology will become important in trade-related issues.

A separate portal for MSMEs will soon be launched, he added.

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