India's Export Future: Skilled, Digital, and Ready to Sail
Dr Ajay Sahai, Chief Executive Officer and Director General, Federation of Indian Export Organisations (FIEO), in conversation with INDIA FRONT Editor Rishi Vora. He discusses the role of India's export sector in furthering the Indian economy and the solutions for the thriving ecosystem to undertake. The immediate goal being to achieve the trillion-dollar target by 2030.
Dr Ajay Sahai
Excerpts from a freewheeling interview:
India's export sector is performing exceptionally well, particularly in certain segments. For instance, while the global electrical and electronics market is expanding at a CAGR of approximately 7%, India is experiencing an impressive growth rate of 25%. In the pharmaceutical sector, our growth rate of over 9% surpasses the worldwide rate of 7%. The medical and diagnostic equipment sector is also thriving, with our growth rate of 9% compared to the global rate of 4%.
The principal challenge lies in our labour-intensive export sectors. There is a common belief that low-cost labour is a strength, but this is misleading, as export businesses prioritise production efficiency.
India has restructured its FTA strategy in response to previous occurrences when import growth outpaced export growth, pressuring domestic sectors. The government is addressing this issue by negotiating FTAs with complementary economies offering formidable export opportunities.
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