India@100: PwC India's Sanjeev Krishan outlines the pathway for India to become an export powerhouse

In a recent discussion on Business Today Television, Sanjeev Krishan, the Chairperson of PwC India, provided valuable insights into the firm’s latest report, which outlines a strategic approach for India to achieve its ambitious target of a trillion dollars in exports by 2029. This report, known as the "VIKSIT: An approach for India to achieve $1 trillion exports," aims to enhance India’s merchandise exports and establish the country as a formidable player in the global trade arena.

Krishan highlighted the importance of the VIXSIT Framework, stating, “India has made significant progress in services exports, but we need a robust strategy to boost our merchandise exports. The framework is designed to address this challenge and position India as a leading exporter globally.” He emphasized that this report aligns with India’s broader economic aspirations under the "Viksit Bharat" initiative, led by PM Narendra Modi.

The report focusses on five core pillars: Value addition, Inclusivity, Sustainability, Infrastructure, and Technology. Krishan elaborated on these pillars, saying, “Value addition is critical for increasing the export value. We must move beyond exporting raw materials and focus on enhancing the value we add to our products.” He also stressed the importance of inclusivity, noting, “Empowering Micro, Small, and Medium Enterprises (MSMEs) is essential as they form the backbone of our economy. The framework aims to make growth more inclusive by improving knowledge and skills within the workforce.”

On the subject of sustainability, Krishan commented, “Promoting sustainability in our products is not just an environmental necessity but also a market demand. We need to integrate sustainable practices into our export strategy to meet global standards.” He also highlighted the role of technology, stating, “Leveraging technology for efficiency and competitiveness will be a key factor in achieving our export targets.”

When addressing the impact of geopolitical shifts and de-globalization trends, Krishan acknowledged the challenges but remained hopeful. He said, “Despite a globally turbulent environment, India’s export growth demonstrates our potential. Strategic focus on bilateral trade agreements with nations like the UAE, Australia, and the European Union is expanding market opportunities for Indian exporters.”

Krishan also tackled concerns about competition from China, a dominant player in global merchandise exports. He noted, “While China remains a significant competitor, India has the opportunity to differentiate itself by diversifying supply chains and enhancing our competitiveness. The report provides strategies to overcome challenges related to scale and precision.”

The future composition of India’s export basket was another key topic. Krishan pointed out, “Sectors such as electronics, automobiles, and food processing are crucial for achieving our trillion-dollar target. However, the recommendations in the framework are applicable across various industries, including pharmaceuticals.”

Regarding strategies for boosting exports, Krishan proposed that public-private partnerships could enhance the effectiveness of existing schemes. He suggested, “Involving the private sector more directly in planning and execution will make our export strategies more dynamic and responsive. Public-private partnerships can drive the success of schemes like Special Economic Zones (SEZs) and Production Linked Incentives (PLIs).”

Finally, Krishan addressed the role of investment in achieving export goals. He stressed, “Both foreign and domestic capital flows are vital for supporting infrastructure and technology investments. Green financing and incentives for sustainable practices are essential for fostering growth in our export sector.”

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