India would reach 30 trillion economy very soon, says Piyush Goyal

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By Our Special Correspondent

New Delhi, June 25: While Prime Minister Narendra Modi has set the goal of USD 5 trillion economy, Union Minister for Commerce and Textile Piyush Goyal claims that the economy can be scaled up by 10 times in near future to become USD 30 trillion.

Goyal on Saturday said that the various policy initiatives taken by the Government and the hard work put in by the industry helped in achieving USD 440 billion exports.

“The country would reach (USD) 30 trillion economy from the level of (USD) 3 trillion economy very soon and the government has been aggressively addressing all the structural issues, including the tariff barriers, issues in taxation, global competitiveness,” said Goyal, while speaking at a textile fair in Coimbatore, Tamil Nadu.

The minister said that India has already finalized two FTAs (Free Trade Agreements) with Australia and UAE. India is currently at an advanced level of negotiations with UK, Canada and EU for FTAs.

“The FTAs will benefit business hubs like Coimbatore and Tirupur,” said Goyal.

India in fact recently signed the FTA with Australia, which is comprehensive in nature, opening the Australian market for the Indian exporters with favourable terms of trade.

After walking out of the Regional Comprehensive Economic Partnership (RCEP), which is dominated by China and the East Asian economic powerhouses, India is focusing on FTAs with countries to gain scales in the exports and take a bigger pie in the emerging global supply chain in the post-pandemic world.

Goyal advised all the stakeholders in the value chain to “strive hard, stand united and thereby become the largest manufacturing country in the world”.

“In all sectors, we want to become a global industry. We want to capture the world market,” he said, adding that under the guidance of PM Modi, the Centre is working actively with different countries to finalise free trade agreement which will give zero duty access to textile sector in world market.

It’s because of the good relations of PM Modi with world leaders, India is getting global respect today, he added.

Goyal pitch for scaling up the manufacturing resonates with the recent Indian outreach in the global multilateral forum, as India fancies a shift in the global supply chain after the pandemic induced disruption made the developed countries look for an alternative to China, which, incidentally, is currently the world’s factory.

The thrust of the Quad Summit in Tokyo last month was on the resilient global supply chain, with Modi articulating its reliability as the driving mantra for the world leaders.

The disruption of the global supply chain, in fact, is also blamed for the global inflation spike.