India believes it can almost triple its annual exports to $2tn yearly by exploiting on companies looking to expand sourcing out of China.
The country’s Commerce Minister Piyush Goyal said: “We will achieve $2tn in exports by 2030, but we should ensure merchandise exports don’t fall behind services exports.”
It is also seeking to channel much of its new economic growth towards manufacturing rather than services. Services have recently seen strong growth due to multinationals outsourcing back office functions to India.
However, this year India’s overall exports were predicted to hit $770bn – falling short of the previous $900bn target. Goyal blamed the shortfall on “global headwinds”.
He said the ambitious target could be achieved as long as India “explores every possible opportunity”.
“It is better to aim high and miss, than to aim low and to hit… and, of course, what can be better than aim high and achieve,” he added.
India has been pursuing bilateral trade deals with countries including Australia, the UK and Canada.
Meanwhile, India has also announced plans to relax procurement regulations when purchasing wheat from farmers because of damage to the crop from rainfall and hail in key producing central and northern states, Reuters reported.
Some states in India, the world’s second largest wheat producer, will be allowed to procure at prices outside normal regulations to aid farmers.