India’s ambitious goal of reaching a US$ 2 trillion export target by 2030 is the focal point of a recent address by Union Minister of Commerce and Industry, Mr. Piyush Goyal. Speaking virtually at the Indian Institute of Foreign Trade's (IIFT) annual convocation, he emphasised that achieving this monumental target will require a collective national effort. According to Goyal, while the target is challenging, India is already well on its way to meeting its export aspirations, with a projected US$ 800 billion in exports this fiscal year. He confidently stated that while the target will not be reached by chance, it is a goal that can be achieved through deliberate effort and teamwork. The minister encouraged all stakeholders, including businesses, students, and government bodies, to align their efforts toward this national objective.

The Growing Export Potential
India’s export performance has been steadily improving in recent years, and the FY23 export value stood at US$ 778 billion. With a clear path to surpass the US$ 800 billion mark this fiscal year, the momentum is strong, but Goyal noted that non-tariff barriers continue to pose challenges to Indian products in international markets. He urged both the students and faculty at IIFT to actively study these barriers, identify the underlying issues, and bring them to the government's attention for resolution. This proactive approach will help smoothen the path for India’s exports and create new opportunities in global markets.

IIFT’s Expanding Role
In alignment with India’s export growth targets, IIFT is set to play an important role. The institute will soon be opening a new campus in Dubai, aimed at enhancing the country’s global trade expertise. Along with this, IIFT plans to establish a centre for negotiations, focusing on the vital skills required for Free Trade Agreement (FTA) discussions, an essential area for improving India’s trade relations and access to global markets. This initiative will support India’s aspirations to increase its global export footprint by ensuring that the nation’s negotiators are equipped with the expertise needed for effective trade discussions.

Improved Recognition of IIFT
Meanwhile, IIFT continues to gain recognition as an academic leader in international trade. The 2024 National Institutional Ranking Framework (NIRF) ranked the institute 15th in the management category, a notable improvement of 12 places. This rise in rankings reflects IIFT’s increasing academic and industry relevance, with several major companies regularly visiting the campus for recruitment, thus ensuring that the next generation of trade and export professionals is well-prepared for the challenges ahead.

India’s vision for becoming a global leader in exports is being shaped by the initiatives and academic enhancements made by institutions like IIFT. As the government, industry, and academic institutions collaborate, India is poised to achieve its ambitious US$ 2 trillion export target by 2030.

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