PR No.- 352
India’s increased economic cooperation with G20 will scale up merchandise exports to USD 500 billion by 2030: PHD Chamber
Trade deficit with G 20 expected to come down by 50% in 2030, says industry body PHDCCI
As a fastest growing economy in the G20 nations, India will play a significant role to convert uncertainties into opportunities. India’s Presidency would be impactful for bringing stability at the most crucial juncture of geo-political conflicts, high inflation and slowing economic growth said Mr. Saket Dalmia, in a press statement issued here today.
The prospects for expansion of exports with G20 are immense; merchandise exports can be scaled up from USD 212 billion in 2021-22 to USD 500 billion by 2030, said Mr. Dalmia. India’s enhanced integratedness with G20 countries will reduce its trade deficit with G20 countries more than 50% by 2030 from the current level of USD 107 billion. Industry body PHDCCI has submitted an analysis report on India-A Growth Leader in G20 Nations to G 20 Sherpa, Sh. Amitabh Kant today At the Amrit Kaal of India’s 100 years of Independence we have identified 75 products which currently contribute USD 175 billion (around 40%) in India’s total exports, said Mr. Saket Dalmia. However, World imports of these products comprise more than USD 3700 billion. India’s presence in these products is less than 5% of World imports, said Mr. Dalmia.
As India’s 50% of exports are towards the G20 countries, there is an immense potential to scale up exports of such products towards G20 countries, he said. US is the largest economy in the G 20 nations and India is the growth leader with an annual average growth of 7% (2021 – 2025), said Mr. Saket Dalmia. G 20 has emerged as a major driving force in today’s economic environment, connecting the world’s major emerging and developed economies, he said. G20 assumes a great strength in shaping global socio-economic trends, representing 90 percent of global GDP, 80 percent of global trade and 2/3rds of global population, said Mr. Dalmia. At this juncture, India holds a great opportunity to bring focus on crucial global issues and come forward with its narratives on growth and development of the G20 nations, said Mr. Dalmia. India has signed 13 Free Trade Agreements (FTAs) and 6 Preferential Trade Agreements (PTAs) with various countries of which only 3 Free Trade Agreements are with the G 20 nations including Australia, Japan and Republic of Korea. Among the G 20 countries, India holds trade surplus only with 8 economies.
Going ahead, signing Free Trade Agreements with other potential markets such as USA, Canada, United Kingdom and the European Union would enhance India expansion of exports with G20, said Mr. Saket Dalmia. Lead indicators including Ease of Doing Business and Global Innovation Index indicates that India’s ease of Doing Business is ranked at 15th among the G 20 countries whereas in the Global Innovation Index, India is ranked at 12th position in the G 20 countries, he said.
At this juncture, India should focus more on innovation and reforms for the ease of doing business. These two important ingredients of the production processes would enhance India’s competitiveness in the domestic and international markets as well, said Mr. Dalmia.
PHD Chamber of Commerce and Industry