Robust trade finance ecosystem important to achieve $2 trillion exports target by 2030- DGFT official

On Thursday, a senior government official emphasized the significance of establishing a robust and user-friendly trade finance ecosystem for India to successfully reach its USD 2 trillion exports goal by 2030. S C Aggarwal, the Additional Director General of Foreign Trade (DGFT), highlighted that the availability of accessible and affordable trade finance plays a crucial role in enhancing export competitiveness.

Aggarwal urged both traders and the government to collaborate on addressing issues related to securing convenient financing for both domestic and cross-border trade. Speaking at an event in New Delhi, he stressed the critical nature of a strong and convenient trade finance ecosystem in propelling the nation toward achieving the target of USD 2 trillion in exports.

India has set an ambitious objective of attaining a combined value of USD 2 trillion in goods and services exports by the year 2030. As per data from the commerce ministry, the exports of goods and services witnessed a rise of 14.68 percent to USD 775.87 billion in the fiscal year 2022-23, as compared to USD 676.53 billion in the previous fiscal year, 2021-22.

Aggarwal encouraged the industry to concentrate on streamlining the process of obtaining finance and devising strategies to fortify the trade finance ecosystem, ultimately supporting India’s journey toward achieving its export target.