Union Minister Piyush Goyal stated India's ambitious goal of achieving USD 1 trillion in exports this fiscal year, a significant 16% increase, despite a global trade slowdown. He expressed confidence in hitting the target based on first-half numbers.
India is targeting USD 1 trillion in exports in the current financial year, up from USD 863 billion last year, despite slowing global trade and economic uncertainty, Union Commerce and Industry Minister Piyush Goyal said on Thursday.
Addressing the CII Partnership Summit event in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu, Goyal expressed confidence that India could achieve nearly 16 per cent export growth even as international trade is expected to grow by just 2.5 to 3 per cent.
"We have set unto ourselves a big growth jump in exports and decided we will look at a trillion dollars of exports in the current year," Goyal said. "And I am confident looking at the first half numbers that we will get there," he added.
FTA Utilisation to Boost Exports
The ambitious target comes at a time when global economic growth is expected to slip below 3 per cent, while international trade remains vulnerable to geopolitical and economic disruptions. To help Indian businesses take advantage of overseas markets, Goyal urged the Confederation of Indian Industry (CII) to establish free trade agreement (FTA) utilisation desks across its state councils.
"In fact, I would urge CII to set up FTA utilization desks across every state council," he said. He said these desks should help micro, small and medium enterprises (MSMEs) understand market access opportunities, rules of origin and participation in international trade exhibitions.
Expanding Trade Partnerships
Highlighting India's expanding trade partnerships, Goyal said 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 USD 60 trillion in global GDP. He also assured that India's trade agreements protect sensitive domestic sectors, including agriculture, fisheries and MSMEs, while opening new export opportunities.
Strong Domestic Growth Outlook
On the domestic economy, Goyal expressed confidence that India would maintain growth above 7 per cent in the current financial year, referring to the Reserve Bank of India's upward revision of growth projections on Wednesday. "I'm very confident that the current year will also once again give an upward of 7% growth," he said.
State-Level Initiatives and Partnerships
Goyal also highlighted Andhra Pradesh's growing role in emerging technologies, pointing 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 invited international delegations to participate in the CII Partnership Summit scheduled for November 12-13 in Visakhapatnam. (ANI)
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