India’s exports to cross USD 1 trillion in next 2.5 years: Piyush Goyal

Union Minister for Commerce and Industry Piyush Goyal on Thursday expressed optimism about India’s economic growth, projecting that the country’s exports will surpass USD 1 trillion within the next two to two-and-a-half years.

Speaking at the India Economic Conclave hosted by Times Network, Goyal also highlighted that India’s exports are set to exceed USD 800 billion this year, reflecting the nation’s growing global trade footprint.

Goyal emphasized the recognition India has garnered worldwide as a favorable investment destination.

“Exports will cross $800 billion this year, and about a trillion dollars in the next two, two and a half years. Across the world today, there is a recognition that the best investment opportunity is in India” he remarked.

The minister underlined the government’s multi-faceted approach to driving economic growth. This includes large-scale infrastructure rollouts, social welfare programs aimed at empowering citizens, and initiatives that particularly focus on women-led development.

“As more women participate in the formal economy, they will play a leading role in ensuring inclusive growth. The government is committed to ensuring no child in the country is deprived of basic amenities like food, clothing, shelter, and healthcare,” he added.

Highlighting India’s rapid strides in infrastructure development, Goyal noted that the length of roads and expressways has nearly tripled over the past decade.

He also praised India’s technological advancements, pointing out the swift rollout of 4G networks, even in remote areas, and the ongoing deployment of 5G at an unprecedented pace.

Goyal stated that the Foreign Direct Investment (FDI) has also seen significant growth, with a 119 per cent increase in the last decade compared to the previous one.

He revealed that two-thirds of the total FDI inflows of USD 1 trillion have come in the last 10 years, signaling strong global confidence in India’s economic potential.

He said “The world today recognizes India as the best opportunity to invest in two-third of the total FDI in India so far, of a trillion dollars, has come in the last 10 years”.

Looking ahead, the minister projected that India is poised to become a USD 30-35 trillion economy by 2047, aligning with the nation’s vision of becoming a prosperous and developed country.

“The Viksit Bharat vision to become a prosperous nation, a developed nation, an economy where youngsters are willing to engage with the best across the world,” he concluded, highlighting the aspirations of a confident nation eager to lead on the global stage.