Robust trade finance ecosystem important to achieve

$2 trillion exports target by 2030: DGFT official

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

TradersandtheGovernmenthave to work on issues like obtaining easy finance both for domestic and crossborder trade, he said. "A robust and easy trade finance ecosystem is very important for moving us to achieve thisgoal(ofUSD2trillion),"Aggarwal saidinNewDelhiatanevent.

India has set an ambitious target to take its total goods and services exportstoUSD2trillionby2030.

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 676.53billionin2021-22.

Hesuggestedtheindustrytofocus on how to make it easier to get the finance and ways to strengthen this ecosystem.

DGFT offices for investment, trade promotion only : Piyush Goyal

NEW DELHI: Commerce and Industry Minister Piyush Goyal recently said that the Directorate General of Foreign Trade (DGFT) offices will be only investment promotion and trade facilitation offices,andnotsortouttheday-to-day problemsofindustry.

The industry problems will be addressed through recorded video conferencing.

Speaking at a Federation of Freight Forwarders Associations in India (FFFAI) event, he asked the industry to stop practices such as adding non-transparent and miscellaneous charges to their bills, try and break the queue or avoid qualityinspections.

He asked the industry to either

"participate in this journey of change andreformorleave".

"(We are) gradually moving everything out of the offices of DGFT. Everything will be only online. I think probably already most things-90 odd percent-are online," he said, adding that no one should pollute the environment by visiting the DGFT offices.

Quantum jump in the Export of electronic goods

NEW DELHI: Exports of Electronic goods witness a quantum jump of more than 400% from Rs 38,263 crores in 2014 to Rs 1,92,527 crores in January 2023. During FY2022-23(April-March)electronic goods exports were recorded at USD23.57billionascomparedtoUSD 15.66billionduring

FY 2021-22 (April-March), registering a substantive growth of 50.52%.

The National Policy on Electronics 2019 (NPE 2019) aims to position India as a global hub for Electronics System Design and Manufacturing (ESDM) by encouraging and driving capabilities in the country for developing core components and creating an enabling environment for the industry to compete globally. Four schemes namely the Production Linked Incentive Scheme (PLI) for

Large Scale Electronics Manufacturing, the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), Modified Electronics Manufacturing Clusters Scheme(EMC2.0),andthe Production Linked Incentive Scheme (PLI) for IT Hardware (2.0) have been introduced to boost to the electronics sector and establish the necessaryecosystem.