The country is on track to hit the $1 trillion mark in exports of services and goods over the next 10 years, Union Trade and Industry Ministry Piyush Goyal has said. .
“Now it’s time for the services sector and the manufacturing sector to embark on a race to the top as both compete to see who will break the $1 trillion mark (in exports),” he said. said Goyal at the annual meeting. Forbes India Leadership Awards 2022 (FILA 2022) ceremony in Mumbai on Friday evening.
He said the fact that the country crossed $400 billion in exports for the first time is “historic”.
“We will soon have the service export figures and I promise it will be very exciting. We have already reset the goal twice during the year. We are on the verge of hitting $250 billion in service exports,” the minister said.
The country has achieved the highest ever merchandise export target of $400 billion in the current fiscal year, a 37 percent jump from the previous fiscal year. Exports in the 2020-21 financial year amounted to USD 292 billion.
“India is on track to supply us with both services and goods reaching $1 trillion over the next 10 years. This will drive India’s future. It will create jobs,” Goyal said.
He said initiatives such as the ease of doing business, including reducing the burden of compliance and decriminalizing laws, the massive introduction of technology into governance, and programs like PLI are pearls in a necklace. “This whole bouquet defines where India is going to go.”
“The $400 billion export did not happen overnight. Our missions have worked on it. Our exporters and the government had a 24-hour connection; facilitate the control room; even the smallest issues have been resolved,” Goyal said.
The minister said that this development journey is not something that started with this year’s budget or last year’s budget; it started “several years ago”.
On Free Trade Agreements (FTAs), he said the country has not opted for FTAs with only less developed countries. “We recently signed the FTA with the UAE, which is the fastest ever negotiated in the world. Just 88 days to complete. And, everyone welcomed it across the country.”
The country will have such pacts with the UK, Australia and Canada. “Discussions with the EU will start soon, discussions with Israel are continuing,” he said.
The Gulf Cooperation Council (GCC) is also keen to do business with India, Goyal added.
“This is all happening because they want India to have resilient supply chains. They see us as a trusted partner.”
He said that in this regard, logistics and infrastructure play a very important role and PM GatiShakti’s national master plan can really help.
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