India targets 12% annual merchandise export growth for $1tn vision: DGFT's Santosh Sarangi

economictimes.indiatimes.com:

Santosh Sarangi, IAS, Director General, Directorate General of Foreign Trade, New Delhi, Government of India, today said that currently India's export is USD 450 billion, and to reach USD one trillion mark, the country needs to grow at year-on-year rate of 12%. «Similarly, in service sector we need to grow at 16.6 percent on an average every year,» Sarangi said at the World Trade Day 2023 programme in Bhubaneswar organised jointly by World Trade Centers in four cities, viz. Mumbai, Bhubaneswar, Jaipur and Goa.

The event focused on creating awareness about international trade's impact on the State's economy and regional growth. The event was marked by a discussion on the theme “International Trade — Growing Business Across Borders”. “Odisha needs investment in Pharmaceuticals and Plastics sectors to grow its export scenario.

Majority of the exporters are from places like Mumbai, Delhi, Chennai, Gujarat etc and not from interior places of the state like Sambalpur, Bolangir, Raygada etc even though there is huge potential from such places. In order to bridge the gaps, DGFT shall organize workshops focused on e-commerce in collaboration with the State Government. These workshops shall provide end-to-end assistance on on-boarding, payment gateways etc.

We will also ensure the facilitation of Export Incentives like RODTEP are made accessible. We have recently signed three FTAs (Free Trade Agreement) and working towards signing more FTAs with countries in near future.” Sarangi added. In his view, the country's 'World Trade Centers' can help the exporters of the state by handholding them and acting as a bridge between the central as well as the state government to ensure Odisha has a better trade footprint on the global map.