The year 2021 is remarkable: While Indian economy recovers from the setback post Covid 19, the government has embarked on an ambitious target of $400 billion exports of merchandise goods in the current financial year. On the other hand, India pledges for Net Zero by 2070.

In an indication that the country is on the right path in pursuit of this dream, Indian exports for the April−June 2021 period rose to an, all−time high of $95 billion, an 85 percent jump year−on−year. This is a special achievement, given that this period marked India’s battle against a deadly second wave of Covid−19. While this is great news, it is still a struggle for exporters in India to send their goods overseas. Many of the difficulties they face have been around for years or even decades. Unless these are urgently addressed, India might never reach its full export potential.

In this context the Bengal Chamber of Commerce & Industry organised an International Trade e−Conclave themed as “Indian Trade Industry Growth : Decoding $400 billion target” where we aimed to discuss the growth of Indian Trade and its preparedness for following its dreams of achieving $400 billion export target amidst all challenges like low credit access, inadequate infrastructure, document−heavy process, Trade Barriers and also the implication of India’s pledge towards Net Zero by 2070 on Indian exporters.

The programme witnessed the presence of Dr. Amiya Chandra, Additional DG, DGFT as the Guest of Honour and Shri Ashwini Kumar Tewari, Managing Director − International Banking, Technology and Subsidiaries, State Bank of India in a Special Plenary Session on “India’s Decade: Evolving Global Economy and role of International Banking in Catalyzing the growth of International Trade”.

The programme was attended by other eminent speakers like Dr. Deb Mukherjee, MD, Omega Seiki Mobility, Mr. Dinesh Shastri, Managing Director, TM International Logistics Limited, Mr. Anand Sen, MD, Tata International Ltd., Mr. M C Agrawal, ED (Sales & International Trade Division), SAIL & Chairman, MJunction Services Ltd., Dr. Prabir De, Professor, Research and Information System for Developing Countries (RIS), Ms. Ruma Dey, Chief General Manager, State Bank of India, Mr.T.D. Sivakumar, General Manager, India EXIM Bank, Mr. Anand Singh, General Manager, ECGC, Mr. Sudhakar Kasture, International Trade Consultant, EXIM Institute, Mr. Alok Gupta, Managing Director, Par Enterprises Pvt. Ltd.

While delivering the Inaugural Address on the theme, “lndian Trade lndustry Growth: Decoding $400 billion target”, Dr.Chandra, cited that Merchandise exports for the period April− December 2021 was USD 301.38 Billion as against USD 201.38 Billion during the period April−December 2020, registering a positive growth of 49.66 per cent and assured that India is bang on target to achieve an export target of $400 billion. He further said that the apprehension, that export would slow down because of the pandemic, did not come true. He informed that as e−Commerce has gained a lot of importance in recent times the new FTP which is expected to come out on 1st April 2022, will have chapter on e−commerce added to it.

He further informed that, the Department of Commerce along with the MSME Ministry, Government of India is in the process of launching a portal within 2 to 3 years for MSME exporters which will have all the information like market intelligence, market information, pricing etc., in one place facilitating B2B & B2C. It will also contain information on new, tariff and non− tariff barriers apart from the existing ones.

Mr. Ashwini Kumar Tewari, Managing Director− International Banking, Technology and Subsidiaries, State Bank of India, stated that India has great potential for export in the background of US−China friction. Most of the countries of the world are now adopting China +1 strategy and India could gain from it. He stressed on near shoring especially in pharma sector in India. However, India still has bottlenecks in the form of logistics infrastructure and land acquisition. Increasing private sector participation in Defence Manufacturing has good potential not only to decrease imports but also to grow into an export hub.

For growth of exports in West Bengal, Mr. Tiwari suggested use of E−commerce by small sellers to gain market access and grow as exporters. He mentioned that SBI has been encouraging "One District One Product" scheme. Bengal SBI CGM to work closely with the state government to identify the products and support them.

The participants were mostly exporters from different industrial sectors. There were also participants who are consultants, logistics companies, banking as well as non−banking financial institutions involved with trade finance.

The International Trade Conclave was successfully organised under the able leadership of Mr. Sourabha Dutta, Chairperson, International Trade Committee, BCC&I and Senior Vice President − Industrial Sales & Marketing, Exide Industries Limited and Mr. Kaushik Brahma, Co−Chairperson, International Trade Committee, BCC&I and Head − Export Planning & Documentation, Tata Steel Ltd.