Insight Online News
New Delhi, May 31 : Registering annual growth rate of 7.5%, India’s exports of goods could reach US$ 773 billion by 2030 with exports to Turkiye, Vietnam and Indonesia to be among the highest-growing export destinations, said a Standard Chartered Bank report on Wednesday.
The value of exports of goods from India was US$ 401 billion in 2021.
The report titled ‘Future of Trade: New opportunities in high-growth corridors’ has projected that global trade would reach US$ 32.6 trillion with a growth rate of 5% by 2030.
“India will be a key driver of this global trade growth, with its exports of goods projected to grow at an average annual rate of 7.5 per cent (outpacing the global average of 5 per cent) to reach USD 773bn by 2030 from USD 401bn in 2021,” the report said.
The report noted that while exports of goods to Turkiye, Vietnam and Indonesia are among some of the highest-growing, exports of goods to the US, Mainland China and the UAE will be the highest by volume.
“India is expected to grow its exporting sectors by supporting innovation and capacity expansions, as well as building sector ecosystems,” the report said.
The report said that India’s free trade agreements (FTAs) would increase its competitiveness as a manufacturing and export powerhouse.
Gaurav Bhatnagar, Head of Trade and Working Capital, India & South Asia said, “As the global economy fully reopens and cross-border trade accelerates, South Asia region is at the heart of global trade growth and is perfectly positioned to be an export powerhouse driven by India and its dominance in key sectors like textiles, metals & minerals, chemicals & pharmaceuticals.”