'India's exports to cross $1 trillion this year': Piyush Goyal on road ahead for FTAs

Union Commerce and Industry Minister Piyush Goyal said India’s exports are expected to cross the $1 trillion mark this year, rising from $863 billion last year, marking a growth of more than 15%. Calling it “India’s time”, Goyal told Business Today TV in an exclusive interaction that the country is emerging as a trusted global partner, backed by its young workforce, entrepreneurs, startups, farmers and businesses.

Speaking about India's economic growth and the road ahead for trade negotiations and free trade agreements (FTAs), Goyal said the country's growth is being driven by a collective effort, with people across sectors contributing to its emergence as a global economic force.

“We are today the world's fastest-growing large economy, thanks to our young boys and girls, our entrepreneurs, our startups, our retail store owners, our farmers, our fishermen,” he said.

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Goyal said India's international trade is growing at a rapid pace, adding that the projected export growth of over 15% is unprecedented. “Our exports are going to grow this year from $863 billion last year to over a trillion dollars, which is a growth of more than 15%, which I suspect you will not find in history at any point of time,” he said.

The minister also highlighted India's growing focus on high-quality technology, innovation and infrastructure investments. According to him, the framework being developed to attract larger investments into infrastructure is supporting demand for goods and services, while reflecting in higher sales and earnings.

He added that both domestic and foreign companies are announcing significant investment plans, indicating growing confidence in India's economic prospects.

Looking ahead, Goyal said India is working towards its ambition of becoming a $30 trillion economy by 2047. “India clearly is the future as we work towards our 30 trillion dollar goal by 2047,” he said.

At present, India has an active network of FTAs, comprehensive economic cooperation agreements (CECAs), and comprehensive economic partnership agreements (CEPAs) covering major global partners such as the UK, the European Union, the UAE, Australia, New Zealand, and Oman.

New Delhi also maintains long-standing agreements with ASEAN, Sri Lanka, Japan, Singapore, Mauritius and South Korea.

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