Industry body PHD Chamber of Commerce and Industry (PHDCCI) has identified 75 products to enhance India’s exports towards G20 countries and enhance the current value of merchandise exports to G20 countries from $212 billion in 2021-22 to $300 billion by 2024-25.
In a report “India - A Growth Leader in G20 Nations” submitted to G 20 Sherpa, Amitabh Kant, PHDCCI said that export of these products to G20 countries has the potential to touch $500 billion by 2029-30 and reduce India’s trade deficit with G20 countries more than 50% by 2030.
"World imports of these products comprise more than $ 3700 billion. India’s presence in these products is less than 5% of world imports," said Saket Dalmia, president, PHDCCI.
The report points out that among the G20 nations, the USA is India’s largest merchandise trade partner with $119 billion of which India’s exports to the USA are $76 billion and imports from the USA are $43 billion. Among the G20 countries, India holds a trade surplus with eight economies. Going ahead, signing free trade agreements with other potential markets such as the USA, Canada, United Kingdom and the European Union would enhance India's expansion of exports with G20 Countries, it said.
The report also looks at the GDP growth rates of the G20 countries to indicate that India is the growth leader in all the G20 countries. According to the recent IMF projections, India’s average growth rate for 2021–2025 would be 7% followed by Turkey at 5.1%, China at 5%, it points out.
“Lead indicators including ease of doing business and global innovation Index indicate that India’s ease of Doing Business is ranked at 15th among the G20 countries whereas in the Global Innovation Index, India is ranked at 12th position in the G20 countries. 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 Dalmia.
The G20 represents 90% of global GDP, 80% of global trade and two-thirds of global population.