Foreign Secy Shringla Outlines India’s Aim To Target USD 400 Billion Exports For 2021-22

Shringla said Prime Minister Narendra Modi has issued precise guidelines on how the work will be done in promoting the three Ts — trade, tourism, and technology

Indian Foreign Secretary Harsh Vardhan Shringla announced on November 24, Wednesday that India has established an ambitious benchmark of USD 400 billion in exports for the years 2021-22 for developing the three ‘T sectors’: trade, tourism, and technology.

These remarks by Shringla came during the Indian Chamber of Commerce’s Annual Session in Kolkata, which was themed ‘Bharat@75: Empowering India: Today for Tomorrow.’

Commerce and Industry

“An ambitious target of USD 400 billion of exports has been set up for the year 2021-22. The business of Indian diplomacy is, thus, business. We at the Ministry of External Affairs stand ready to help Indian businesses in any way we can,” citing Shringla’s comments, ANI reported. Foreign Secretary even added that Prime Minister Narendra Modi has issued precise guidelines during his recent meeting with Heads of Indian Missions Abroad and stakeholders in commerce and industry, on how the work will be done in promoting the three Ts (trade, tourism, and technology).

GDP Increase

Further, during the session, Shringla even highlighted that the Indian economy has stepped on a high growth track, with the country’s GDP increasing by more than 20 percent in the first quarter of 2021-22. He went on to say, “India would have a role in world affairs little more than an aspiration at the time this Chamber was founded. India was still a subject nation and independence, a distant dream. Independence, the trauma of Partition, and the struggles of emerging nationhood were in the future.”

Post-Pandemic Economy

The post-pandemic economy, according to the Foreign Secretary, will be very different from the current one. He added that these economic developments are taking place as part of a process known as “rebalancing.” He even explained that the Indo-Pacific area, which stretches from the United States to Africa’s east coast and contains the Indian Ocean, is currently a significant focus of global interest. It accounts for over 60 percent of global economic production. It also accounts for 70 percent of worldwide economic growth.

Global Service Conclave 2021

Meanwhile, India is on track to reach the $1 trillion milestones in Service Exports by 2030, according to Union Minister of Commerce and Industry Piyush Goyal. He described services as a “key driver” of India’s economic development. Goyal announced this at the ‘Service Export Promotion Council- Global Service Conclave 2021’, and claimed that the service industry employs almost 2.6 million people and accounts for around 40 percent of India’s total global exports. (republic world)