Building India's USD 1 Trillion Export Ecosystem: VIKSIT Framework Insights

A report by PwC highlights the importance of public and private interventions to create a robust export ecosystem aiming for USD 1 trillion in exports by 2029-30. The VIKSIT framework provides strategic guidance to enhance sectoral growth, emphasizing manufacturing value addition, market diversification, and a technology-driven approach.

A recent report emphasizes the crucial role of interventions from both public and private sectors in crafting an effective export ecosystem as the nation sets its sights on achieving USD 1 trillion in merchandise exports by 2029-30.

The Government's contribution is vital for establishing an enabling ecosystem, with the VIKSIT framework offering strategic guidance to various government entities to clear bottlenecks and boost export growth across key sectors such as automobiles, electronics, and food processing, according to the PwC report.

Launched by Minister of Commerce and Industry Piyush Goyal, the report 'VIKSIT: An approach for India to achieve USD 1 trillion exports' suggests five key considerations for India's export growth. It calls for scaling up the manufacturing sector, enhancing value addition to avoid commoditization of exports, expanding geographic market access, and positioning Indian products competitively by reducing non-tariff barriers and compliance burdens.

(With inputs from agencies.)