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Govt likely to set export target of $800 Billion for FY23

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Herons Logistics

NEW DELHI : India is likely to set an ambitious export target of around $800 billion for goods and services for 2022-23, almost 19.5% higher than $670 billion clocked in 2021-22. The targets – of $450-480 billion for merchandise and $350 billion for services – were discussed in a series of meetings that Commerce and Industry Minister Shri Piyush Goyal had with exporters recently.

India’s goods exports touched a record $420 billion in 2021-22, exceeding the government’s target by about 5% and up 40% on-year while services exports touched $250 billion.

“These are consultative meetings and the targets are yet to be fixed,” said an official. Exporters raised the issue of high prices of inputs as buyers are now reluctant to raise prices proportionately due to sufficient inventory and lack of demand.

Restoration of the Market Access Initiative scheme for opening of warehouses overseas, easing of visa requirements for inbound tourism and a revised Transport and Marketing Assistance scheme for certain agricultural products in view of the opportunity in farm exports from the Russia-Ukraine crisis were also taken up, according to sources.

Despite a rise in Covid cases globally, there is an expectation that travel and tourism will grow this year,” said an industry representative

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