New Delhi: Trade Minister Piyush Goyal on Saturday asked export promotion councils (EPCs) to raise exports target to $450 billion-$500 billion for FY23 from $400 billion for FY22.

Addressing a Mid-Term Review Meeting with heads of various Export Promotion Councils (EPCs) through video conferencing, Goyal asked them to hold discussions with all stakeholders before the new Foreign Trade Policy is finalized soon.

Goyal expressed satisfaction over India’s exports bouncing back to touch $197 billion in the first half of FY22, and said with 48% targeted volumes achieved, the country is on the right track to achieve $400 billion exports this financial year.

“Our exporters have made all of us Indians proud today," said Goyal, asking them “if we can aim to scale $450-$500 billion exports next year."

The minister said engineering goods have much more potential and Textile exports should aim for $100 billion. “You must have seen we are coming out with schemes," said Goyal, referring to the various PLI schemes announced by the Government recently.

Goyal said the Government is negotiating FTAs with various countries and blocs including the UK, UAE, Oman, Australia, Canada, EU, Russia and Southern African Customs Union (SACU) comprising Botswana, Lesotho, Namibia, South Africa, and Swaziland.

Stating that Prime Minister Narendra Modi will unveil his most ambitious infrastructure development vision, - ‘Gati Shakti’ programme on Durga Ashtami on 13 October, Goyal invited the export council heads to join the event by video conference and participate with infrastructure issues of related export sectors. "The National Logistics Policy has also been unveiled recently and exporters should flag their concerns," he added.

On the issue of high global prices of polymers and uniform application of environment laws which is the input for the plastics sector, Goyal assured the commerce department to take it up with the environment ministry on allowing the import of virgin plastics scrap and related issues.

Asking export councils to identify and name exporters whose products fail to meet international standards and are often rejected due to inferior quality, the minister said the EPCs have not identified specific exporters hurting the reputation of ‘Made in India’ products in the world markets despite repeated reminders. “Quality will define the future of our exports," he added.