India plans to increase its export share in global trade from 2.1% to 3% by 2027 and 10% by 2047, promoting a hundred Indian brands as global champions. To ease trade, a Customs ‘ONE’ will be established to give import-export clearance within one hour of arrival at entry points and customs ports.
These are among numerous hundredth-year-of-independence-year goals set by the commerce and industry ministry under the India@2047 banner. As an extension of the Atmanirbhar Bharat programme, it includes establishing economic zones outside India.
The goals for international trade have been set until 2047, and the commerce department will seek to lay a firm basis to fulfil these goals until 2027, according to an official. The goal is for exports to account for 25% of gross domestic product. Pharmaceuticals, gems and jewellery, marine and agribusiness, textiles and leather, engineering goods, electronics and telecom devices, and chemicals are the focus sectors.
According to official sources, the plan is to become top three in global services trade in tourism, IT & ITeS, business services, financial services, healthcare & wellness, education, and AV services. The roadmap also includes branding India as a supplier of high-value and high-growth products, enhancing the participation of MSMEs in trade, and attaining a 10% share in niche products called “creative economy”.
Branding campaigns would focus on promoting exports of pharmaceuticals, tea, coffee, engineering goods & services, and developing districts as export hubs.
