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India Targets $1 Trillion in Merchandise Exports by 2030 with Major Infrastructure Boost

India Targets $1 Trillion in Merchandise Exports by 2030 with Major Infrastructure Boost

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The Asian Development Bank (ADB) is conducting a study for India's commerce ministry to assess the infrastructure required and identify key industry clusters to achieve a USD 1 trillion merchandise export target by 2030. The study is expected to be submitted by August-September, according to a ministry official.

India's merchandise exports fell by over 3% to USD 437 billion in 2023-24, while imports declined by 5.7% to USD 675.4 billion. The ministry aims to more than double outbound shipments of goods by 2030. To achieve the USD 1 trillion export target, imports are projected to reach about USD 1.5 trillion, necessitating infrastructure and logistics capacity enhancements across roads, ports, airports, and railways to handle USD 2.5 trillion in trade.

The official emphasized the correlation between higher exports and imports, highlighting the need for robust infrastructure to manage this increased trade volume. Besides infrastructure, the study will identify industry clusters that will contribute significantly to the movement of goods.

The report will be shared with relevant ministries, including shipping, aviation, roads and national highways, and railways, to determine investment needs for capacity development. Preliminary estimates suggest that India will need infrastructure to support an additional 2,000 million tonnes of goods movement through ports and an additional 338 million tonnes via railways by 2030. Airports will also need to create facilities for an additional 5 million tonnes of goods.

The study aims to pinpoint the necessary infrastructure at key exit points and the clusters from which significant goods movement is expected. By addressing these needs, the government seeks to ensure that the country's logistics network can support the ambitious export and import targets, fostering economic growth and global trade integration.

The official reiterated the ministry's timeline, expecting the report by around August-September, after which it will guide further infrastructure development and investment strategies to support the projected trade volumes.

India Targets $1 Trillion in Merchandise Exports by 2030 with Major Infrastructure Boost

India Targets $1 Trillion in Merchandise Exports by 2030 with Major Infrastructure Boost
ChatGPT

The Asian Development Bank (ADB) is conducting a study for India's commerce ministry to assess the infrastructure required and identify key industry clusters to achieve a USD 1 trillion merchandise export target by 2030. The study is expected to be submitted by August-September, according to a ministry official.

India's merchandise exports fell by over 3% to USD 437 billion in 2023-24, while imports declined by 5.7% to USD 675.4 billion. The ministry aims to more than double outbound shipments of goods by 2030. To achieve the USD 1 trillion export target, imports are projected to reach about USD 1.5 trillion, necessitating infrastructure and logistics capacity enhancements across roads, ports, airports, and railways to handle USD 2.5 trillion in trade.

The official emphasized the correlation between higher exports and imports, highlighting the need for robust infrastructure to manage this increased trade volume. Besides infrastructure, the study will identify industry clusters that will contribute significantly to the movement of goods.

The report will be shared with relevant ministries, including shipping, aviation, roads and national highways, and railways, to determine investment needs for capacity development. Preliminary estimates suggest that India will need infrastructure to support an additional 2,000 million tonnes of goods movement through ports and an additional 338 million tonnes via railways by 2030. Airports will also need to create facilities for an additional 5 million tonnes of goods.

The study aims to pinpoint the necessary infrastructure at key exit points and the clusters from which significant goods movement is expected. By addressing these needs, the government seeks to ensure that the country's logistics network can support the ambitious export and import targets, fostering economic growth and global trade integration.

The official reiterated the ministry's timeline, expecting the report by around August-September, after which it will guide further infrastructure development and investment strategies to support the projected trade volumes.

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