The target would require nearly 16 per cent growth, Goyal said, contrasting it with expected international trade growth of about 2.5 to 3 per cent, while the global economy remains vulnerable to shocks and global growth is expected to fall below 3 per cent.
Goyal expressed confidence that India would achieve $1 trillion in exports, describing it as a shared ambition of the government, citizens and businesses, including 63 million micro, small and medium enterprises (MSMEs), large industries, global capability centres and around 250,000 startups. He noted that the Reserve Bank of India had once again raised its growth forecast for the current year and said the country was expected to grow by more than 7 per cent, retaining its position as the fastest-growing large economy, according to a Ministry of Commerce and Industry press release.
India has set a $1 trillion export target for the current year after recording $863 billion in exports last year, Commerce and Industry Minister Piyush Goyal said in a summit.
He said the goal implies nearly 16 per cent growth, against expected global trade growth of about 2.5-3 per cent.
Goyal urged CII to create FTA utilisation desks in every state council for MSMEs.
Goyal added India’s free trade agreements (FTAs) and other agreements protect sensitive sectors, particularly agriculture, fishermen and MSMEs, while opening opportunities for exports of agricultural products, fisheries and marine products, high-precision items, engineering products and electronic products made by MSMEs. He added that these agreements also create investment opportunities for countries and companies to participate in India’s growth.
Goyal urged the Confederation of Indian Industry (CII) to establish FTA utilisation desks across every State Council. These desks should help MSMEs use free trade agreements more effectively, understand new market access opportunities and rules of origin, join delegations, take part in exhibitions and conferences, and showcase their products, technologies and offerings in global markets, he said.
The minister said India’s economy, currently around $4 trillion, has the potential to grow to $30 trillion by 2047. He further said India is adopting new-age technologies to improve efficiency and productivity, make Indian goods and services more competitive globally, and create opportunities for youth in areas including cyber security and applications built around emerging technologies.
On supply reliability, Goyal said India met international commitments on time during the COVID-19 pandemic, including merchandise supply and services. Export-oriented units continued serving customers while observing social protocols and precautions, broadband services were moved into homes to keep services running, and service-level agreements with global companies were honoured, he said.
Goyal added that Indian industry is working to remain ahead through cutting-edge technology, carbon mitigation towards sustainability goals and labour reforms that allow industry to prosper while providing workers with social security, wages and amenities. The government is also working on ease of doing business, good governance and dialogue with industry to meet industry needs and global standards, he said.
Fibre2Fashion News Desk (SG)
