- India recorded USD 863 billion in exports last year and targets USD 1 trillion this year
- The target would mean nearly 16 per cent growth, while global trade is seen rising 2.5 to 3 per cent
- Reserve Bank of India raised its growth projection; India expected to grow above 7 per cent
- The 31st CII Partnership Summit will be held in Visakhapatnam on 12 and 13 November
- Goyal recalled Narendra Modi's 25 years in public service, starting as Gujarat Chief Minister
India is targeting USD 1 trillion in exports this year, up from USD 863 billion last year. Union Minister of Commerce and Industry Piyush Goyal said so at the curtain raiser of the 31st CII Partnership Summit in New Delhi.
Goyal said the target would mean growth of nearly 16 per cent. Global trade is expected to grow only 2.5 to 3 per cent, and the world economy remains vulnerable to shocks.
Confidence in growth
Goyal said the export target was set by the government, businesses and people. He named 63 million MSMEs, large and small industries, global capability centres and around 250,000 startups.
He said the Reserve Bank of India had again raised its growth projection for the current year. He expressed confidence that India would keep growing at over 7 per cent and stay the fastest-growing large economy.
Goyal said India’s economy, now around USD 4 trillion, could reach USD 30 trillion by 2047.
Summit and trade deals
Andhra Pradesh Chief Minister Nara Chandrababu Naidu attended the curtain raiser. The summit will be held in Visakhapatnam on 12 and 13 November.
Goyal urged CII to set up FTA utilisation desks in every State Council. The desks would help MSMEs use Free Trade Agreements, understand rules of origin and reach global markets.
He said every free trade agreement protects sensitive sectors, especially agriculture, fishermen and MSMEs. He added that the deals open export and investment opportunities.
Modi’s 25 years in office
Goyal highlighted Prime Minister Narendra Modi’s 25 years as head of government. Modi became Chief Minister of Gujarat on 7 October 2001 and Prime Minister on 26 May 2014.
Goyal cited the Jyotigram Yojana in Gujarat as an early effort to bring electricity to every home and farm. He said it also ensured 24-hour power for industry.
He also pointed to the JAM trinity of Jan Dhan, Aadhaar and Mobile, and to Digital India. Goyal said Digital India had saved over Rs 5 lakh crore, or over USD 55 billion, in the last 12 years.
India began building bridges when the world was building walls.
Goyal said India now engages the world with confidence. He said the country brings technology, talent and wider market access to the table.
