The country is on track to touch the USD 1-trillion mark in both services and goods exports in the next 10 years, Union Commerce and Industry Ministry Piyush Goyal has said.
“Now, it is the time for the services sector and the manufacturing sector to have a race to the top as both compete to see who will cross the USD 1-trillion (in exports) mark,” said Goyal, while speaking at the annual 2022 Forbes India Leadership Awards (FILA 2022) ceremony in Mumbai on Friday evening.
He said the fact that the country has crossed USD 400 billion of exports for the first time is “history”.
“We will soon have the numbers on the services exports and I promise that’s gonna be very exciting. We have already reset the target twice during the year. We are close to touching USD 250 billion in services exports,” the minister said.
The country has achieved the highest-ever goods exports target of USD 400 billion during the current financial year, a 37 per cent jump over the previous fiscal. The exports in FY2020-21 had stood at USD 292 billion.
“India is well on track to give us both services and goods touching a USD 1-trillion in the next 10 years. That’s is going to drive India’s future. That’s going to drive jobs,” Goyal said.
He said initiatives like the ease of doing business, including reducing the compliance burden and decriminalising laws, introducing technology in a big way in governance and schemes like PLI are beads in a necklace. “This whole bouquet defines where India is going to go going forward.”
“The USD 400-billion exports din’t happen overnight. Our missions worked for it. Our exporters and government had a 24-hour connect; control room facilitating; even the slightest problems were sorted out,” Goyal said.
The minister said this developmental journey is not something that started with this year’s Budget or the previous year’s; it started “several years ago”.
On the free-trade agreements (FTAs), he said the country didn’t go for FTAs with just less-developed countries. “We recently signed the FTA with the UAE, which is the fast-ever negotiated in the world. Just 88 days to finish. And, everybody has welcomed it across the country.”
The country will have such pacts with the UK, Australia and Canada. “Discussions with the EU will start soon, talks with Israel are going on,” he said.
The Gulf Cooperation Council (GCC) also wants to do business with India, Goyal added.
“All of this is happening because they want India in resilient supply chains. They look upon us as a trusted partner.”
He said that in this, logistics and infrastructure play a very important role and the PM GatiShakti National Master Plan can really help.
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