Export target of $500 bn for FY23 doable, says industry body PHDCCI's president

The government, speaking from various platforms, has spoken about its objective to achieve $1 trillion dollar exports by 2030. The public, however, is divided on this. While, many economic and policy experts have also questioned the government's stance, arguing that the figure looks highly ambitious to achieve in the given timeframe, there are a few who say that given the slew of reforms initiated by the government in recent years, the target can be attained. The president of the industry body, PHD Chamber of Commerce and Industry (PHDCCI), Pradeep Multani, falls in the latter camp. 

Talking to Business Today, Multani says, "The target of $500 billion for FY23 is very much feasible and even the target of $1 trillion of exports by 2030 is achievable."  

Multani quotes Prime Minister Narendra Modi who informed last week that India has already achieved the target of $400 billion in exports for the first time ever. And now the government is well on its way to achieve the target of $500 billion exports in FY23.  
Multani points out that the policies to boost exports at the central level are reaping fruits but challenges still exists. In particular, he says that the problem occurs at the state level where the industry has to face a lot of compliance burden and that comes up with humongous paper work, along with cumbersome red tapism. 

"We as industrialists are facing list of issues as far as compliance and clearances are concerned and that is a big dampener. I have raised this matter with Minister of Commerce and Industry Piyush Goyal as well. I think these kinds of problems for industries have to go if we really want industry to grow and when industry will grow, exports will be growing automatically," Multani said. 

Speaking about FDI in India, Multani argues that smaller countries, like Vietnam, Bangladesh, are doing a much better job in attracting foreign direct investment (FDI) and India must learn from them. "But you know the kind of clearance system and compliance burden the Industry is facing right now is acting as a formidable challenge in attracting FDI," he laments. 
 
However, for him, the situation yet is not dire and it is improving, especially with regard to ease of doing business. But there is a need to not let complacency set in and it is imperative to focus on the shortcomings and solve them, especially if India wants to attract FDI in large numbers, he argues. 

"We are in consultation with Ministry of Commerce and Industry on these problems, and we have a meeting lined up with Piyush Goyal, we can expect something good out of that meeting," he said. 

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