Easy trade finance system key to achieve US$ 2 trillion export target by 2030: DGFT
- IBEF
- June 9, 2023
A senior government official remarked at an ASSOCHAM event that the easy availability of affordable trade credit is critical to India's US$ 2 trillion exports target by 2030 in goods and services for enhancing export competitiveness.
Assistant Director General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Mr. Subhash Chandra Aggarwal said that traders and the government must work together to address difficulties such as securing simple domestic and cross-border trade financing.
India has set an ambitious goal of increasing its total goods and services exports to US$ 2 trillion by 2030.
According to Mr. Aggarwal, advancements in digital technologies such as artificial intelligence (AI) and blockchain would provide leverage to reduce the cost of borrowing. He added that “I am often told that obtaining finances for domestic trade is easier than obtaining financing for cross-border trade. This could be because of the higher risk perception in cross-border trade. Mitigating and correcting this perception is needed to enable us to be competent and competitive in the global market, trade finance plays a crucial role here”.
Senior Adviser, NITI Aayog, Mr. Sanjeet Singh said stated that sectors like aluminium and steel would be "directly impacted" by the European Union's (EU) carbon price and that exports from these segments would be taxed.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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