Foreign trade vital to making India a $30 trillion economy: Piyush Goyal

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Union Trade and Industry Minister Piyush Goyal said on Friday that foreign trade will become a truly defining feature that will help India grow into a $30 trillion economy in the Amrit Kaal.

“We have reached this inflection point, we are at dawn, where we will 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 GDP per capita of $15,000,” Goyal said.

Speaking as guest of honor after inaugurating the third campus of Indian Institute of Foreign Trade-Kakinada, along with Union Finance Minister Nirmala Sitharaman, Goyal noted that foreign trade would become a feature truly defining in the years to come “as we work in the Amrit Kaal in the next 25 years and progress towards a developed India.”

“Amrit Kaal, leading to 100 years of Indian independence, will determine the future of our children and generations to come. You are the main players in this journey,” he told the students of the ‘IIFT.

Goyal said foreign trade will really help achieve the ambitious $30 trillion target.

“That’s the path we’re going to take. It’s totally achievable and doable,” he remarked.

The Commerce Minister pointed out that India’s economy has grown 11.8 times in dollar terms over the past 30 years to $3.5 trillion today from less than $300 billion.

Goyal said India was a bright spot in the world today where other countries were in recession, where inflation was five times higher than what was usually seen in some countries.

He said the world is looking to engage with India because it is a growing economy. Political stability, decisive leadership and skillful management of the economy made the world turn to India.

“As we enter developed economy status, our imports and exports will increase dramatically. We must have seamless foreign trade, circulation of goods and services,” he noted.

Goyal said the world wanted to do “more and more business with us.”

“The world wants free trade agreements with us. The world wants to expand its trade relations and its friendship with India, looking at the potential in terms of a big market and the potential that we have to help their economies survive and to develop”, declared the Minister of Trade.

Observing that young people have a huge burden of bringing India to developed country status on their shoulders, Goyal said they have their work cut out for them.

“Take on yourselves the responsibility for inclusive growth and all parts of the country. Let us make India the Viswaguru again, the global superpower,” he urged the quarters of the IIFT.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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