India has set an export target of $1 trillion for the current financial year after recording its highest-ever exports of $863 billion last year, India’s Minister of Commerce and Industry Piyush Goyal said at the Young Leaders Discourse Forum at Kirori Mal College in New Delhi.
Goyal said the government had set the ambitious target, which represents 16 per cent growth, despite the International Monetary Fund (IMF) projecting global trade growth of 1.9 per cent in April-May this year.
A target of $900 billion would have required export growth of just 5 per cent over the previous year, more than twice the projected rate of global trade growth, he said, according to a Ministry of Commerce and Industry press release.
India’s exports rose 14 per cent year on year to $480 billion in the first six months of the financial year, from April to September. The country must achieve a further $520 billion in the second half to meet its annual target, Goyal said. He added that the IMF had since revised its global trade growth projection to around 3.5 per cent, with India’s export performance potentially among the factors behind the upward revision.
He also highlighted India’s economic transformation, saying the country had moved from being part of the ‘Fragile Five’ economies to becoming one of the world’s leading economies and the fastest-growing major economy.
India’s exports rose 14 per cent year on year to $480 billion in April-September, putting the country on track towards its $1 trillion annual target, which requires another $520 billion in the second half.
India’s Commerce Minister Piyush Goyal said the IMF had revised its global trade growth forecast to around 3.5 per cent, with India’s export performance potentially contributing to the increase.
Goyal added that India had gained the trust of the international community, with countries across almost every region showing interest in negotiating preferential trade agreements and free trade agreements with it.
He attributed this growing confidence to India’s young population, skilled workforce, willingness to work hard and commitment to contributing to global economic growth.
Fibre2Fashion News Desk (CG)
