New Delhi, August 20: India needs to implement extensive structural changes in its manufacturing and trade ecosystem to achieve an ambitious export target of $2 trillion by the fiscal year 2030-31. Yashveer Singh, Additional Secretary of the Commerce Ministry, stated on Thursday that minor reforms will not suffice; significant transformations in production, supply chains, and export capabilities are essential.
Addressing the CII Manufacturing Conclave, Singh noted that India’s total exports reached a record $863 billion in FY 2025-26, up from $468 billion in FY 2014-15. While this is a remarkable achievement, the current pace must more than double to meet the $2 trillion target by 2030.
“We need to accelerate our progress significantly beyond our current achievements to reach the $2 trillion export goal by 2030. This is not achievable through incremental reforms alone; structural changes are necessary,” Singh emphasized.
He also remarked that the globally discussed ‘China Plus One’ strategy should not only be viewed as a means to reduce dependency on China. India must establish itself as a reliable, transparent, and robust manufacturing partner that can provide dependable supply chains to global companies.
“We should not just become ‘China Plus One.’ We need to be India—a reliable partner, a strong manufacturer, and the next major engine of global growth,” he stated.
Singh pointed out that the global trade landscape is undergoing significant changes. Trade is no longer merely an economic activity; it is increasingly being used as a critical tool in geopolitical strategy by various nations.
He referenced recent developments at the World Trade Organization (WTO), highlighting that the multilateral trading system is facing challenges. Disputes at the 14th WTO Ministerial Conference and the prolonged inactivity of its appellate body exemplify this changing scenario.
Singh noted that a fundamental principle of global trade, the ‘Most Favored Nation’ status, is also under pressure. Reciprocal tariffs, unilateral sanctions, and the expansion of security-related exceptions have impacted traditional trade frameworks.
“Export restrictions on critical minerals are being used as a strategic weapon. Artificial barriers are being erected to limit access to technology. Trade is no longer just an economic means; it has become a significant medium of geopolitical policy,” Singh added.
He explained that the excessive centralization of global manufacturing and critical supply chains has become a major concern related to economic security. In 1990, China’s share of global manufacturing value added was approximately 3%, which surged to about 28% by 2024. Additionally, China maintains a strong dominance in the processing and refining of several critical minerals, including rare earth elements, graphite, and magnesium.
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