EXCLUSIVE: Inflation is temporary, export target of $1 tn can be achieved by 2030, says MOS Finance Pankaj Chaudhary

When both the global as well as the Indian economy are besotted with headwinds because of the ongoing Russia-Ukraine war, shooting up of commodity prices, and sky-high inflation, the government and the apex bank are struggling to control inflation and focus on growth in India. In this spiraling crisis, many economists and experts have dubbed exports as a downside risk to growth and believe that India’s export growth of last year would be difficult to repeat this year because of the economic slowdown across the world. But Minister of State for Finance, Pankaj Chaudhary, in an exclusive conversation with Business Today, is of the opinion that the government is hopeful of achieving its export target of $1 trillion by 2030. 

“Yes, for sure we will achieve this target. Last year, we had record exports along with record services export. We recorded merchandise export [to the tune of] $419 billion and services export of $254 billion. I am sure that the target of $1 trillion by 2030 will be achieved,” the minister said. He also added that inflation in India is temporary and things will improve very soon. 

Speaking on government’s completion of 8 years, Chaudhary said that the government has done a lot of things on the economic front in the last 8 years.  

“In last 8 years, through JAM trinity, we have made citizens part of the formal economy. This is a big step. Currently, the government’s big focus is on capital expenditure and improving infrastructure in the country,” the minister said. 

Counting his ministry’s achievement, Chaudhary said, “The improvement in labour laws has also taken place which was the long impending industry demand. And because of the efforts of the government, we have improved a lot as far as ease of doing business is concerned. And that is why we are becoming attractive destination for FDI and domestic investments,” he added further. 

Talking about Indian economy, he says, “Indian economy is one of the fastest growing economies in the world and we are improving very fast.” 

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