Trade Strategy Aims to Reach $2 Trillion Exports Target by 2030
Published on: December 6, 2023.
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including exporters, industry associations, and trade experts, to gather their inputs and suggestions for the new trade strategy.
The key focus of the strategy is to identify new markets and sectors with high growth potential, as well as strengthening existing trade relationships. The government aims to diversify India’s export basket and reduce dependence on traditional markets.
One of the important sectors targeted for growth is the rice export industry. India is one of the world’s largest rice producers, and the government wants to leverage this strength to expand its presence in the global rice trade. There has been a significant increase in demand for Indian rice, especially in countries like Pakistan. To capitalize on this opportunity, the government plans to collaborate with rice exporters and suppliers to enhance the export infrastructure and streamline the export process.
The government has identified Pakistan as a key market for rice exports. Pakistan is one of the largest importers of rice, and Indian rice exporters see it as a lucrative market. In order to facilitate trade with Pakistan, the government has set up a dedicated portal where rice exporters can register themselves and access information about the export requirements and procedures.
To further boost trade with Pakistan, the government is also exploring the possibility of establishing a direct payment mechanism between the two countries. This will simplify the payment process for exporters and eliminate the need for intermediaries, thereby reducing costs and ensuring faster payment settlements.
Furthermore, the government is actively promoting India’s rice exports through various trade fairs and exhibitions. These events provide a platform for rice exporters to showcase their products and connect with potential buyers from around the world. The government is also providing financial assistance to exporters to participate in these events and cover their exhibition costs.
In addition to Pakistan, the government is also focusing on other potential markets for rice exports, such as the Middle East and Africa. These regions have a high demand for rice, and Indian exporters have been able to establish strong trade relations with the countries in these regions.
To support the growth of the rice export industry, the government is providing incentives and subsidies to rice mills in India. These incentives aim to encourage mills to upgrade their technology, improve quality standards, and increase production capacity. By enhancing the capabilities of rice mills, the government aims to ensure a steady supply of high-quality rice for export.
Overall, the government’s new trade strategy aims to harness the potential of India’s rice export industry and capitalize on the growing global demand for rice. By expanding trade relationships, exploring new markets, and providing support to exporters, the government aims to achieve its target of $2 trillion in exports by 2030 and increase India’s share in global trade.
