Subject: India aims 12% annual merchandise export growth to realise USD 1 trillion vision, says Mr. Sarangi

Mumbai, July 25, 2023: Mr. Santosh Sarangi, IAS, Director General, Directorate General of Foreign Trade, New Delhi, Government of India informed that India aims to achieve USD 2 trillion total export by 2030, one trillion each in merchandise and services. “Currently our export is USD 450 billion, and to reach USD one trillion mark, we need to grow at year-on-year rate of 12 percent. Similarly in service sector we need to grow at 16.6 percent on an average every year, Mr. Sarangi informed while addressing as Chief Guest at the World Trade Day 2023 in Bhubaneswar organised jointly by World Trade Centers in four cities, viz. Mumbai, Bhubaneswar, Jaipur and Goa.

The event was held with a view to create awareness on international trade and its impact on economic development and regional growth of the State. The event was marked by a discussion on the theme “International Trade - Growing Business Across Borders”.

Mr. Sarangi further remarked, “Odisha needs investment in Pharmaceuticals and Plastics sectors to grow its export scenario.” He also spoke on the emergence and significance of E-Commerce platforms. “Majority of the exporters are from places like Mumbai, Delhi, Chennai, Gujarat etc and not from interior places of the state like Sambalpur, Bolangir, Raygada etc even though there is huge potential from such places. In order to bridge the gaps, DGFT shall organize workshops focused on e-commerce in collaboration with the State Government. These workshops shall provide end-to-end assistance on on-boarding, payment gateways etc. We will also ensure the facilitation of Export Incentives like RODTEP are made accessible. We have recently signed three FTAs (Free Trade Agreement) and working towards signing more FTAs with countries in near future.” he added.

He further deliberated how World Trade Centers can help the exporters of the state by handholding them and acting as a bridge between the central as well as the state government to ensure Odisha has a better trade footprint on the global map.

Senior government officials and eminent experts from the industry were present on the occasion to share their views.

Mr. Saswat Mishra, IAS, Principal Secretary, MSME Department, Government of Odisha, in his address, highlighted various aspects of State Export Policy and informed about the digital initiatives being undertaken by the state for facilitating the exporters. He further announced about the Air Cargo services commencing from the month of September which shall provide the much-needed impetus to exporters in Odisha to explore the international market. “Stakeholder Meeting has been scheduled where exporters from the state shall discuss with the officials of Indigo Airlines on various export related aspects”, he added.

Ms. Petula Thomas, CEO, Indo- Australian Chamber of Commerce graced the occasion as the Chief Speaker and deliberated on the huge potential for trade collaborations between India and Australia in sectors like Metals & Mining, Food Processing, Educational Services etc. She highlighted how WTC can act as a great platform for such collaborations where both the countries can work towards better trade relations and surge in bilateral trade.

Dr. Vijay Kalantri, President - All India Association of Industries (AIAI), Chairman - WTC Mumbai, in his address said, “As India aspires to become a five trillion dollar economy, MSMEs have a major role to play in realising this vision. In terms of economy, we stand at 5th position. In the next 5 years, India aspires to be placed in 3rd position and we need to work towards the goal in a substantial manner which can be achieved through integration with ASEAN, BRICS, BIMSTEC etc. We have potential in sectors like IT, ITes and Pharmaceuticals”.

Dr. Kalantri further added, “There is a further need to improve intra-regional connectivity with ASEAN and BIMSTEC countries to facilitate two-way trade. Also, India may explore settlement of trade with ASEAN and BIMSTEC countries in local currency. There is a need to give renewed thrust to intra-regional trade, which will open new vistas of export opportunity for India to the ASEAN, BRICS and BIMSTEC countries.”

Earlier in the session, Capt. Somesh Batra, Chairman, World Trade Center Bhubaneswar welcomed all the esteemed dignitaries, members of WTC Bhubaneswar and all other special invitees during the program and deliberated on the initiatives being undertaken by the Center for accelerating the export scenario from the state as well as the next plan of action. He also highlighted the objectives of World Trade Day and its significance.

Mr. Santosh Sarangi, IAS, Director General, Directorate General of Foreign Trade, New Delhi, Government of India (left) with Dr. Vijay Kalantri, President - All India Association of Industries (AIAI), Chairman - WTC Mumbai and Capt. Somesh Batra, Chairman, World Trade Center Bhubaneswar at World Trade Day 2023 in Bhubaneswar.