Business Standard

Foreign trade vital in making India a $30 trillion economy: Piyush Goyal

Goyal said foreign trade was going to truly help in achieving the USD 30 trillion ambitious target

Piyush Goyal

Piyush Goyal, Minister of Commerce and Industry | Photo: World Economic Forum

Press Trust of India Kakinada (AP)
Union Minister for Commerce and Industry Piyush Goyal said here on Friday that foreign trade would become a truly defining feature that would help India become a USD 30 trillion economy in the Amrit Kaal.
"We have reached that inflection point, we are at the cusp, where we are going to take off. If we have the ambition to be at least ten times in the next 25 years...we are looking to cross the USD 30 trillion economy with a per capita GDP of 15,000 dollar," Goyal said.
Speaking as the guest of honour after inaugurating the third campus of the Indian Institute of Foreign Trade-Kakinada, along with Union Finance Minister Nirmala Sitharaman, Goyal noted that foreign trade would become a truly defining feature in the years to come "as we work in the Amrit Kaal in the next 25 years and progress towards a developed India."

"Amrit Kaal, leading to the 100 years of Indian Independence, will determine the future of our children and generations to come. You are the main stakeholders in this journey," he told the IIFT students.
Goyal said foreign trade was going to truly help in achieving the USD 30 trillion ambitious target.
"This is the path that we are going to achieve. It's very much achievable and doable," he remarked.
The Commerce Minister pointed out that the Indian economy grew 11.8 times in dollar terms in the last 30 years to USD 3.5 trillion today, from less than USD 300 billion.
Goyal said India was a bright spot in the world today, where other countries were in recession, where inflation was five times high than was usually seen in some countries.
He said the world was seeking to engage with India because it's a growing economy. Political stability, decisive leadership and deft handling of the economy have made the world look up to India.
"As we go into a developed economy status, our imports and exports are going to increase manifold. We have to have seamless foreign trade, movement of goods and services," he noted.
Goyal said the world wanted to do "more and more business with us."

"The world wants Free Trade Agreements with us. World wants to expand trading relationship and friendship with India, looking at the potential in terms of a large market and the potential we have to help their economies survive and grow," the Commerce Minister said.
Observing that the youths have a huge burden, of taking India to the status of a developed country, on their shoulders, Goyal said they have the work cut out.
"Take upon you the responsibility for inclusive growth and all regions of the country. Let's make India once again the Viswaguru, the world super power," he exhorted the IIFT wards.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 28 2022 | 4:16 PM IST

Explore News