Robust trade finance ecosystem important to achieve USD 2 trn exports target by 2030: DGFT official

A robust and easy trade finance ecosystem is important for India to achieve the USD 2 trillion exports target by 2030, a senior government official said on Thursday.

Additional Director General of Foreign Trade (DGFT) S C Aggarwal said easy availability of affordable trade finance helps promote export competitiveness.

Traders and the government have to work on issues like obtaining easy finance both for domestic and cross-border trade, he said.

''A robust and easy trade finance ecosystem is very important for moving us to achieve this goal (of USD 2 trillion),'' Aggarwal said here at an event.

India has set an ambitious target to take its total goods and services exports to USD 2 trillion by 2030.

According to the commerce ministry's data, exports of goods and services in 2022-23 rose 14.68 per cent to USD 775.87 billion as against USD 676.53 billion in 2021-22.

He suggested the industry to focus on how to make it easier to get the finance and ways to strengthen this ecosystem.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)