1 hr ago
Goyal Confident India Can Reach $1 Trillion Export Target
India sold $863 billion worth of exports last year.
The government now wants exports to reach $1 trillion this fiscal year.
That means exports would need to grow by nearly 16%.
Commerce Minister Piyush Goyal said businesses and people across India are part of this effort.
He mentioned small businesses, large industries and startups.
He said the goal is ambitious because world trade is expected to grow more slowly.
India’s central bank expects the country’s economy to grow by more than 7%.
Goyal also pointed to changes such as GST and a national power grid as examples of reforms.
Commerce Minister Piyush Goyal said India exported $863 billion worth of goods and services last year.
India has set a $1 trillion export target for the current fiscal year, requiring nearly 16% growth.
Goyal said the target is backed by Indian businesses, including 63 million MSMEs and around 250,000 startups.
He contrasted the target with expected global trade growth of about 2.5% to 3% and global economic growth below 3%.
Goyal also cited RBI growth projections above 7% and pointed to GST and a national power grid as examples of reforms.
- Who
- Commerce and Industry Minister Piyush Goyal, speaking about India’s export target.
- What
- India is targeting $1 trillion in exports in the current fiscal year, after recording $863 billion last year.
- Where
- New Delhi.
- When
- At the curtain raiser for the 31st CII Partnership Summit; the target is for the current fiscal year.
- Why
- Goyal said the target reflects a collective effort by India’s people and businesses, and supports the mission of making India a developed nation by 2047.
Key facts
- Exports last year
- $863 billion
- Export target
- $1 trillion in the current fiscal year
- Growth needed
- Nearly 16%, as stated by Goyal
- Expected global trade growth
- Around 2.5% to 3%
- RBI growth projection
- Above 7% for the current year
- Businesses cited
- 63 million MSMEs and around 250,000 startups
- Developed-nation mission
- 2047
Quotes
Piyush Goyal
India’s Commerce and Industry Minister
“India began building bridges when the world was building walls.”
thehansindia.com
Sources
Related news
Shah Says Political Stability Will Put India First by 2047
India’s Growth Numbers Highlight PM Modi’s 76th Birthday
India’s Merchandise Exports Estimated to Rise 15% Amid Uncertainty
Goyal Highlights India’s $20 Trillion PPP Economy
Modi Highlights UPI, Fintech Growth and India’s Reform Push
Can India Triple Its Economy’s Size Over Next Decade?
Nitin Nabin Calls for Unity Among India's Youth
India Backs Constructive Outcomes From Fiji Pre-COP31 Discussions
Bengal BJP Opens Temporary NaMo Malls Ahead of Puja
BJP Rejects Opposition Claims, Alleges Punjab Civic Polls Undermined Democracy
