Earlier this year, Finance Minister Nirmala Sitharaman announced that the government has set a target of hitting USD 2 trillion annually in overall exports by 2030. Considering that India’s annual exports during FY 2022-23 stood at USD 770 billion, the target seems a bit ambitious at face value. However, the government’s ambition is not without a solid foundation. The geopolitical realities of today are causing substantial changes in supply chains all around the world. 

The Covid-19 outbreak created a number of bottlenecks in the global supply chain. Reshoring and supply chain diversification has followed as a result.