(a) whether there has been a delay in achieving merchandise and services export target of $900 billion by 2020 as per the Foreign Trade Policy 2015-20;
(b) if so, the details thereof and the reasons therefor; and
(c) the progress achieved in meeting the target so far?
THE MINISTER OF COMMERCE AND INDUSTRY
(SHRI PIYUSH GOYAL)
(a) to (c): A Statement is laid on the Table of the House.
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STATEMENT REFERRED TO IN REPLY TO PARTS (a) to (c) OF LOK SABHA STARRED QUESTION NO. 256 FOR ANSWER ON 10th JULY,2019
REGARDING “MERCHANDISE AND SERVICES EXPORT TARGET”.
(a) to (c): As per Foreign Trade Policy 2015-20, the Government aims to increase India’s export of merchandise and services from US$ 465.9 billion to approximately US$ 900 billion by 2019-20 and to raise India’s share in world exports (Goods and Services) from 2% to 3.5%. India’s share in world exports (Goods and Services) has increased to 2.1 % in 2017 as per WTO estimates. The value of India’s overall exports (merchandise and services) during last 4 years is as follows:
(Value in US$ Billion)
Years Export % Change
2015-16 416.60 ---
2016-17 440.05 5.63
2017-18 498.63 13.31
2018-19* 538.07 7.91
Source: DGCI&S & RBI (*Provisional)
India’s exports have to be seen in the backdrop of global trade developments and entire trade ecosystem. India’s exports have faced a very challenging period in recent years, on account of developments arising from the global financial crisis of 2008-09, which accentuated after 2013-14, when the world economy experienced a major trade slowdown. Thus, after achieving a turnaround from the initial shock, exports came under immense pressure again in the post 2013-14 period due to accentuation of the global economic / financial crisis in the second phase when countries like China also got adversely affected. However, since then exports have been growing on a secular basis since 2016-17 for almost three years and total exports reached a new peak of more than half a trillion dollars, for the first time.
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