India's Merchandise And Services Exports Will Reach USD 750 Billion This Year: Piyush Goyal

Union minister Piyush Goyal stated at an event that the export figure for last year had already exceeded in February and expressed optimism that exports will surpass USD 750 billion this year.

Union Commerce and Industry Minister Piyush Goyal (File Photo)

Union Commerce and Industry Minister Piyush Goyal stated that the export figure for last year had already been crossed in February and expressed optimism that merchandise and services exports will reach USD 750 billion this year.

He was speaking today at the 8th Raisina Dialogue in New Delhi.

"India is targeting annual export of a trillion dollars in goods and a trillion dollars in services by 2030," the Union minister stated.

His entire speech is available here:

Here Are The Top Points From His Speech: 

Export Figures: In response to a question about India's highest export figure in the previous year, the Minister stated that it was the result of extensive planning in which India's capabilities were thoroughly assessed, new markets were sought out, districts, particularly remote ones, were empowered to become export hubs, and all Indian missions abroad were effectively leveraged to promote trade, technology, and tourism. Last year, commerce and service trade exceeded USD 650 billion, according to the ministry.

Future Expectations: Goyal predicted that India would soon surpass the USD 5 trillion mark and that it would be the world's third-largest economy by 2027-28. By 2047, India will have a developed economy with a USD 32 trillion economy, a prosperous economy where every citizen will have access to a good quality of life, he said, adding that if the country united, India might even dream of constructing a USD 40 trillion economy by 2047.

Challenges Posed By Pandemic: Goyal said that the government's transformational initiatives over the last decade, such as the Swachh Bharat Mission, electrification of around 35 million rural homes, creation of a robust power grid, housing for all, and free healthcare for over 500 million people, have helped India overcome the challenges posed by the pandemic. He praised Prime Minister Narendra Modi's bold leadership, saying that throughout the outbreak, PM Modi sought solutions not only to fight the virus but also to turn the obstacles it presented into possibilities.

Focus On Farmers: Speaking about the time when fertiliser prices skyrocketed, Goyal stated that PM Modi ensured that farmers, particularly small and marginal farmers, would not suffer by putting the weight of rising costs on the central government. "India is self-sufficient in terms of food security, and we will continue to produce at higher levels than last year in order to support some of our neighbours and other friendly nations," he stated.

Foreign Investments: The Minister emphasised that the government was working to create an enabling climate for foreign investment in India. He emphasised that India is a country of 1.4 billion people who are both young and ambitious, with exceptional capabilities, including managerial abilities. He observed that the government had been effective in addressing the basic needs of the people, freeing them from the struggle to secure basic necessities of life and empowering them to aim for better things in life.

According to the Minister, enhanced aspiration levels create a major market potential for investors, as well as sharpen India's competitive advantage in the global market due to people's willingness to work harder and contribute more to India's growth story.

"Government has focused on greater Ease of Doing Business, reducing compliance burden, decriminalising laws, implementing PLI scheme in critical sectors, digitising the economy promoting Startups. The world will not get a better friend and trusted partner like India," he said, ANI reported. 

Semiconductor Chain In India: In response to a question about semiconductors, the Minister stated that several companies were already in discussions about investing in India's semiconductor chain due to the country's stability and investor-friendly business environment. Demystifying the reasons for India's trade deficit and reliance on imports, the Minister emphasised that with high levels of investment flowing into manufacturing in India, India has been successful in producing high-quality goods and services at competitive prices, rapidly reducing reliance on imports.