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  3. Foreign trade to be defining feature in making India $30 trillion economy in Amrit Kaal: Piyush Goyal

Foreign trade to be defining feature in making India $30 trillion economy in Amrit Kaal: Piyush Goyal

31 Oct 2022 Evaluate

Expressing optimism over India’s growth, Union Minister for Commerce and Industry Piyush Goyal has said 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’. He said this would help India become a $30 trillion economy, ambitious target, in the Amrit Kaal. He added that ‘This is the path that we are going to achieve. It's very much achievable and doable’.

He said ‘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 $30 trillion economy with a per capita GDP of 15,000 dollar’. He pointed out that the Indian economy grew 11.8 times in dollar terms in the last 30 years to $3.5 trillion currently, from less than $300 billion. He highlighted that India was a bright spot in the world currently, 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. He noted ‘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 said the world wanted to do ‘more and more business with us.’ He said ‘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’.

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