India’s exports to grow higher than world average: StanChart
The global growth in goods trade will be 5% on an average till 2030 to touch $32.6 trillion while India will be growing at 7.5% annually during that period, the report said.
India’s merchandise export growth will outpace global average and touch $773 billion by 2030, a report by Standard Chartered said on Wednesday.
The global growth in goods trade will be 5% on an average till 2030 to touch $32.6 trillion while India will be growing at 7.5% annually during that period, the report said.
According to the projections made in the report, despite above average growth India’s exports will fall short of the government’s target of $1 trillion by 2030. India has a target of $2 trillion in both services and goods exports by 2030.
The growth above the world average is expected to increase India’s share in global exports to 2.37%, up from 1.8% now.
The geographies that will see India’s exports rising at the highest pace are Turkiye, Vietnam and Indonesia. However, India’s exports of goods to the US, Mainland China and the UAE will be the highest by volume, the report said.
India’s Free Trade Agreements with the UAE and Australia have recently come into force – further increasing India’s competitiveness as a manufacturing and export powerhouse.
Negotiations are on for entering into similar agreements with other big economies like the UK, European Union and Canada.
Exports by metals and minerals, chemicals and pharmaceuticals, and textile and apparel sectors will show the biggest increase in the coming years.
The report that included a survey of more than 100 global business leaders in 13 markets flagged rising geopolitical conflicts and tensions, high and volatile energy and commodity prices, poor infrastructure quality, high inflation, sanctions, tariffs and export bans as biggest challenges facing global trade.
