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

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

A robust and easy trade finance ecosystem is important for India to achieve the USD 2 trillion exports target by 2030, a senior government official said on Thursday.

Additional Director General of Foreign Trade (DGFT) S C Aggarwal said easy availability of affordable trade finance helps promote export competitiveness.

Traders and the government have to work on issues like obtaining easy finance both for domestic and cross-border trade, he said.

"A robust and easy trade finance ecosystem is very important for moving us to achieve this goal (of USD 2 trillion)," Aggarwal said here at an event.

India has set an ambitious target to take its total goods and services exports to USD 2 trillion by 2030.

According to the commerce ministry's data, exports of goods and services in 2022-23 rose 14.68 per cent to USD 775.87 billion as against USD 676.53 billion in 2021-22.

He suggested the industry to focus on how to make it easier to get the finance and ways to strengthen this ecosystem.