#PwCIndia #MarketLive #BusinessNews #PWCReportViksit
PwC India has projected that India’s merchandise exports may touch the coveted $1-trillion mark by FY29, if the country is able to “iron out” geopolitical conflicts and take actions along a “strategic pathway” in the coming years. This projection, however, considers an “optimistic scenario”, under which exports are assumed to grow at an annual rate of 18% till FY29.In a report, titled “VIKSIT: An approach for India to achieve $1 trillion exports”, it cites two other scenarios too – “business as usual” and “conservative” assuming annual export growth rates of 14.5% and 10%, respectively, to achieve the $1 trillion-mark by FY31 and FY33. Today’s economic and trade landscape is characterised by rapid transformations, driven by technological advancements, shifts in consumer behaviour and evolving geopolitics. International trade plays a key role in positioning nations as economic powerhouses, influencing international relations and geopolitics. Over the past two decades, global merchandise trade has increased from USD 9.4 trillion in 2004 to USD 23.5 trillion in 2023. India has powered through to emerge as the fifth largest economy in the world. International trade has played a key role in fuelling India’s economic growth – the share of merchandise and services trade in India’s GDP increased from 15% in 1980 to 46% in 2023. The growing emphasis on export-led growth is reflected in the improved share of India’s exports in global trade – from 0.4% in 1980 to 1.85% to 2023.India aspires to achieve a target of USD 1 trillion merchandise exports by FY30. A key factor for unlocking growth in India’s journey towards USD 1 trillion exports rests with dormant micro, small and medium enterprises (MSME) exports. Further, to realise the projected growth in export volume, it will be crucial to enhance and expand the impact of technology. PWC Report Viksit: An Approach For India To Achieve $1 Trillion Exports, proposes VIKSIT as a strategic framework for enabling India to achieve its ambition of USD 1 trillion merchandise exports. Watch Business Today TV Managing Editor Siddharth Zarabi in conversation with Sanjeev Krishan, Chairperson, PwC in India.
#MerchandiseExports #IndiaExports #VIKSITReport #SiddharthZarabi #SanjeevKrishan #MSMEGrowth #TradeGrowth #IndiaEconomy #ExportLedGrowth #BusinessTodayTV
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