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India's international trade will hit $2 trillion by 2030, says Minister Piyush Goyal.
Sep 08, 2022

India's eyeing $2 trillion in international trade by the year 2030, according to Commerce and Industry Minister Piyush Goyal. With the country's goods and services exports already over $675 billion in the last fiscal year, the ambitious target looks well within reach.

Talking at the Stanford University, Goyal also said that by 2047 - a century if independence - the country would be a $30 trillion economy.

'...by 2047-2050 period we will be at least a $30 trillion economy on a business as usual scenario and possibly a $35-45 trillion economy if some of the aggressive plans that the government is putting together work well. That's the kind of opportunity that I bring to the table,' Goyal said.

Having recently jumped the United Kingdom to become the world's fifth largest economy, India posted a 13.5% expansion in the quarter ending June.

The Industries Minister also extolled the Centre's efforts to lay a foundation on which the country can rapidly transform, grow its economy, improve its systems, and engage in technology.

'We have recently seen some successes in terms of our international engagement growing to about $675 billion (exports of goods and services) for the first time ever last year. We are hoping to do our international trade to about $2 trillion by 2030,' Goyal added.

India's exports recently registered a 17% growth to rise to $192.59 billion, while imports grew 45.64% to $317.81 billion.

Trade deficit widened to $125.22 billion in April-August as against $53.78 billion year-on-year. India's exports contracted by 1.15% to $33 billion in August due to subdued demand in developed markets.

economictimes.indiatimes.com

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