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FY23 export target in works, will build on this year's $400 billion
The commerce and industry ministry has begun drawing up export strategy for the next financial year, which will build on the milestone achievement of over $400 billion export turnover in FY22. The ministry is setting up a dedicated 'trade promotion body' to drive overall promotion strategy, export targets, and execution to achieve $2 trillion in exports by 2027.
"The exercise to set the target for the next fiscal is on and should be complete in a month," an official told ET.
The ministry has started talks with commodity boards, export promotion councils and Indian embassies abroad for next year's export plan.
The government had for the current year roped in overseas missions and the overall export target was also distributed country-wise, covering even the smallest country. As many as 200 country or territory targets were set and export plans were finalised product-wise and state-wise as well. A special attention was also given to exploration of new markets as also to re-establish presence in those where market share had been lost.
A similar approach will be followed for FY23 as well.
Another official said that the export roadmap will be finalised in a month as the government is watchful of the high commodity and oil prices, and is unlikely to set an unachievable target.
"Given the rise in prices this year, there is a thought that setting an unachievable, ambitious target will not be correct," said the official.
The public-private SCALE committee has suggested the government to double the exports of manufacturing goods in five years, reduce the imports about 2/3 over and target a 9% growth in domestic consumption from the current 7% with incremental value added of about $350 billion.
As per another official, there is a view that though input prices may not soften anytime soon, a conservative estimate would be realistic for the exporters to meet and a special focus is likely on those countries where actual exports have exceeded their respective targets in FY22.
Of the 200 countries to which India exports its goods, the outbound shipments have exceeded their original projections in more than 50 countries.
"The ministry has given a tentative target for FY23 but we have suggested a lower number as we are not sure of the push that input prices will offer this year given the situation in Russia and Ukraine," said a representative of an export promotion council.
The Confederation of Indian Industry has identified 14 product categories including pharmaceuticals, electrical machinery, vehicles, plastics, furniture and textiles for India to clock $1 trillion merchandise exports by 2030.
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