Manufacturing's Crucial Role in Achieving India's $2 Trillion Export Target

The manufacturing sector is pivotal for India to achieve goods and services exports worth USD 2 trillion by 2030. Tarun Sharma from EXIM Bank highlighted the need for growth in sectors like textiles and increased investments in MSMEs to match advanced nations.

The manufacturing sector must play an integral role in achieving India's ambitious USD 2 trillion export target by 2030, emphasized Tarun Sharma, Deputy Managing Director of EXIM Bank, during an event on Friday.

Sharma referred to recent changes in the classification criteria for MSMEs and noted that India remains distant from the benchmarks set by advanced economies. Speaking at the Bengal Chamber of Commerce and Industry's International Trade Conclave, he outlined the necessity of boosting goods and services exports over the next five years.

He further observed that the textile sector, a significant employment generator after agriculture, hasn't expanded as expected. Sharma urged Indian companies to ramp up their capital investments to unlock the full potential of this sector and capitalize on existing opportunities.