Diaspora can fuel India’s export growth
A few years ago, India set itself a bold target: $2 trillion total exports by 2030, split evenly between goods and services. While recent remarks from Commerce and Industry Minister Piyush Goyal suggest the target could slip to 2032, there are still grounds for optimism. While recent landmark trade deals with the EU and US will bring us closer to that goal by increasing market access, agreements alone do not equal exports.
The challenge lies in turning access to sustained growth, and this requires something less visible than trade agreements, but equally as powerful: trust and knowledge. This is where India’s extensive network of diaspora entrepreneurs can play a decisive role in accelerating exports. The Indian diaspora is the largest in the world, and I’m proud to be a part of it. As I spend more time on the ground and begin to think about the long-term role I want to play when I retire to India, I find myself increasingly drawn to building and strengthening the bridges that connect India with the wider world.
And I’m not alone in that belief. I’ve spoken to so many diaspora entrepreneurs and leaders who feel similarly: that those of us living and working abroad have a responsibility to use our positions to deepen the connections between Indian businesses and global investors, partners, and markets. The Indian diasp ora is an underutilised asset. Embedded in foreign markets worldwide, they offer two distinct advantages: a practical understanding of how those markets function, and established credibility within them.
This means they can help Indian firms get to grips with a foreign market and build trust with prospective buyers. While all first-time exporters........
