India is targeting 1 trillion in exports in the current financial year, up from $863 billion last year, despite slowing global trade and economic uncertainty, Union Commerce and Industry Minister Piyush Goyal said today (8 October).
The ambitious target represents nearly 16 per cent export growth even as international trade is expected to grow by just 2.5 to 3 per cent.
Addressing the curtain raiser of CII Partnership Summit in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu in New Delhi, Goyal declared that India has set unto itself a big growth jump in exports and expressed confidence looking at the first half numbers that the country will get there.
The Commerce Minister also expressed confidence that the current year will also once again give an upward of 7 per cent growth on the domestic economy front.
The minister’s confidence comes following the Reserve Bank of India’s upward revision of growth projections earlier this week.
Goyal said the $1 trillion export target has been set not merely by the government but by the people and businesses of India, including 63 million MSMEs, large and small industries, global capability centres and around 250,000 startups.
Highlighting regional development initiatives, Goyal pointed to Google’s upcoming AI hub in Visakhapatnam and the development of Amaravati as a quantum technology centre.
He said cooperation between the Centre and states was helping convert global trade opportunities into factories, data centres and employment.
The minister also highlighted India’s expanding trade partnerships, noting that the country had concluded nine FTAs or preferential trade agreements covering 38 developed countries over the past four-and-a-half to five years, representing $60 trillion in global GDP.
He assured that India’s trade agreements protect sensitive domestic sectors, including agriculture, fisheries and MSMEs, whilst opening new export opportunities.
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