In an ambitious pursuit, the Trade Ministry of India has set a target to achieve $1 trillion in goods exports by 2030. Senior government officials from the Commerce Ministry have initiated strategic measures to identify infrastructure needs and potential sectors that can drive India towards this monumental goal. However, sustainability remains a crucial focus in this endeavor.
The recent vote by the European Parliament on the Corporate Sustainability Due Diligence Directive (CSDDD) highlights the global emphasis on sustainability in trade practices. This directive mandates larger companies operating in the EU to assess their supply chains for forced labor and environmental damage, necessitating corrective actions if required. Additionally, the implementation of the carbon border adjustment mechanism (CBAM) by the EU poses challenges for Indian exports, particularly in sectors such as iron, steel, and aluminum.
Santosh Sarangi, Director General of the Directorate General of Foreign Trade, emphasized the importance of reducing carbon footprints and enhancing infrastructure sustainability to meet global trade standards. Collaborative efforts with organizations like the Asian Development Bank (ADB) are underway to assess key export clusters and infrastructure requirements.
Integration into global value chains (GVCs) is identified as a critical strategy for boosting India's exports. To achieve this, significant infrastructure enhancements are required in ports, railways, and airports. Sarangi highlighted the need for additional infrastructure capable of handling increased goods movement, estimating requirements for ports, railways, and airports.
The Indian government's commitment to achieving $1 trillion in goods exports by 2030 underscores its determination to propel the nation's economic growth on the global stage.
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