India eyes $1 trillion exports despite weak global trade growth: Piyush Goyal
New Delhi, Oct 8 (UNI) Commerce and Industry Minister Piyush Goyal said India is confident of achieving its $1 trillion export target this year, despite subdued global trade growth and heightened uncertainty in the international economy.
Addressing the curtain raiser for the 31st CII Partnership Summit, Goyal said India's exports stood at around $863 billion last year. Reaching $1 trillion would require nearly 16% growth, significantly higher than the estimated 2.5-3% expansion in global trade this year.
The minister said the target was not merely a government ambition but reflected the efforts of Indian businesses across the economy, including around 63 million MSMEs, large companies, global capability centres and nearly 250,000 startups. "India began building bridges when the world was building walls," Goyal said, highlighting the country's approach of expanding global economic partnerships despite geopolitical and trade-related uncertainties.
Goyal also expressed confidence that India would continue to grow at more than 7% this year, pointing to the Reserve Bank of India's latest upward revision to its growth outlook. "India remains the fastest-growing large economy, even as global growth is expected to remain below 3% and international trade faces multiple shocks. India's economy, currently valued at around $4 trillion, has the potential to expand to $30 trillion by 2047," Goyal said. He attributed this potential to the country's young population, rising aspirations, technological capabilities and expanding business ecosystem. The minister said India's trade agreements are designed to safeguard sensitive sectors while opening opportunities for Indian businesses to access overseas markets.
He specifically highlighted sectors such as agriculture, fisheries, engineering and electronics. According to Goyal, India's approach to global trade has changed from being defensive and hesitant to one based on greater confidence and competitiveness. He said Indian businesses are increasingly approaching international markets with strengths in technology, talent, competitive manufacturing and services.
Goyal also underlined the growing role of emerging technologies in India's next phase of economic expansion. Rather than viewing technologies such as artificial intelligence and other new-age innovations primarily as a threat to employment, India should use them to improve productivity, make its products and services more competitive and create new opportunities for its workforce, he said. Areas such as cybersecurity and emerging-technology applications could generate new jobs and entrepreneurial opportunities for India's young population, according to the minister. He also pointed to India's digital transformation and said the Digital India programme has generated savings of more than Rs 5 lakh crore, or over $55 billion, over the past 12 years, citing remarks made by Prime Minister Narendra Modi at the India Mobile Congress.
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