'Govt to increase exports of 10-11 sectors from $160 bn to $500 bn by 2030'

The government is working on boosting domestic manufacturing and increasing exports to $500 billion by 2030 from 10-11 sectors, including automobiles, pharma, textiles, medical devices and chemicals, a senior official said on Thursday.

These issues were discussed during a meeting called by the Commerce and Industry Ministry on Thursday.

The meeting was convened by the Department of Promotion of Industry and Internal Trade (DPIIT) in collaboration with Invest India and SCALE (Steering Committee for Advancing Local Value-Add and Exports) Committee to unveil outcomes and recommendations made during the Chintan Shivir for Manufacturing, held on October 12 at Bharat Mandapam here.

The 11 sectors are auto components, automobiles (including EVs), capital goods, chemicals, drones, medical devices, aerospace and defence, leather and footwear, textiles, and space.

"We are looking at investments in these sectors. We will drill down to each of the areas to see how to promote manufacturing and we have kept a target to increase exports in these 10-11 sectors from $160 billion to $500 billion by 2030," the official added.

Overall, the ministry is looking at taking the country's goods and services exports to $2 trillion by 2030.

The Chintan Shivir witnessed the participation of industry leaders, knowledge partners, and government officials from focus sectors.

The deliberations centred on the current scenario, challenges and recommendations tailored to stimulate the country's manufacturing landscape.

The meeting was presided over by Commerce and Industry Minister Piyush Goyal, Chemicals and Fertilisers Minister Mansukh Mandaviya and Heavy Industries Minister Mahendra Nath Pandey.

When asked about the government's plan to come out with a policy for the electric vehicles (EVs) sector, the official said: "We have to get all the countries on board such as Germany, Korea and Italy. We should invite everybody".