New Delhi: The Indian Union Minister of Commerce and Industry, Piyush Goyal, has underscored the necessity of collective endeavors from all stakeholders to achieve a $2 trillion export target.
Addressing the 57th Convocation Ceremony of the Indian Institute of Foreign Trade (IIFT), Goyal highlighted the importance of a strategic and collaborative approach to reach this ambitious goal, building upon India's anticipated export figures of $800 billion this year.
He stated, "Let us unite to fulfill the export objective of $2 trillion by 2030. Given our expected crossing of $800 billion this year, it is imperative that we collectively exert significant effort to surpass the $2 trillion mark. This achievement will not be a mere coincidence but a deliberate choice."
Goyal further emphasized the need for strategic planning to achieve this target. He called for identifying specific sectors where collective contributions can significantly enhance India's role in the global economy.
He added, "We must all commence preparations for this endeavor. We need to identify areas where we can collectively play a pivotal role in the global economy. This will not be achieved by chance but through deliberate actions."
The Minister also highlighted the potential of India's free trade agreements (FTAs) in opening new markets and opportunities for businesses of all sizes.
He stated, "Together, I am confident in our ability to achieve this substantial target. Let us leverage the free trade agreements we have signed or are about to sign, ensuring that this information reaches our Micro, Small, and Medium Enterprises (MSMEs), small traders, and businesses. This will enable us to seize new opportunities, access new markets, and introduce innovative products, thereby facilitating business growth and job creation."
Goyal stressed the importance of effective utilization of these agreements in enabling Indian businesses to penetrate new markets and generate domestic employment, thereby bolstering India's economic growth.
In addition to focusing on exports, Minister Goyal highlighted the necessity of addressing non-tariff barriers, urging the generation of actionable suggestions to fortify India's position in forthcoming trade negotiations.
He emphasized, "We must also delve into the issue of non-tariff barriers and propose concrete measures that will bolster our position in future trade negotiations."
Goyal concluded, "I believe IIFT has the potential to evolve into a think tank, a research organization, and an entity that will assist the Government of India, the Department of Commerce, and the Department of Industry in performing their duties more effectively. This will be in the interest of businesses, trade, and industry, ensuring that no sector is left behind. Together, we can lead the global stage."
