India witnessed an export boom in July, taking the export number to US$ 35.2Bn, breaking all the previous records. The month’s statistics bode well with the government’s ambitious export target of US$ 400Bn for the current fiscal, out of which around 33% of the target has already been achieved, claim experts. To ensure the trade numbers remain high and India continues to expand its export footprint, PM Narendra Modi interacted with several key stakeholders so they can tap into their full potential and make the optimum use of resources to meet the growing global demand.

Speaking of export prospects, India aims to reach the pinnacle of US $1Tn exports (merchandise and services) by FY26 under the new foreign trade policy, which will be announced in October. However, policymakers feel that to fulfill this goal, there must be a substantial, sustained scaling up of exports that need to grow at a compounded annual growth rate (CAGR) of 15% from about 5% in the past five years. Moreover, to boost exports and encourage the ‘Make in India’ initiative, some top steel companies have come forward to build containers to abridge the container shortage crisis. We hope that the government formulates incentive schemes to encourage more players to get into this sector since there is already an abundance of raw materials in the nation.