India’s goods and services exports have already crossed USD 675 billion in last fiscal year and the country is now aspiring to take international trade to USD 2 trillion by 2030, Commerce and Industry Minister Piyush Goyal has said.
Interacting with faculty, researchers, and students at the Stanford University here, Goyal also said by the time India would celebrate the 100th anniversary of its independence, it would be a USD 30 trillion economy.
“…by 2047-2050 period, when India would be completing 100 years of Independence, we will be at least a USD 30 trillion economy on a business as usual scenario and possibly a USD 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.
India, with a GDP of USD 3.3 trillion, is currently the fifth largest economy in the world only behind the US, China, Japan and Germany.
A decade back, India was ranked 11th among the large economies while the UK was at the fifth position. With a 13.5 per cent expansion in June quarter, the Indian economy has overtaken the UK, which has slipped to the sixth spot.
Goyal said the government has spent the last few years laying the 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 USD 675 billion (exports of goods and services) for the first time ever last year. We are hoping to do our international trade to about USD 2 trillion by 2030, the minister added.
During April-August 2022-23, India’s exports registered a growth of 17.12 per cent to USD 192.59 billion. Imports during the five-month period grew 45.64 per cent to USD 317.81 billion.
The trade deficit widened to USD 125.22 billion in April-August as against USD 53.78 billion in the same period last year. India’s exports contracted by 1.15 per cent to USD 33 billion in August due to subdued demand in developed markets.