Don't celebrate 5-10 pc export growth: Piyush Goyal warns against 'comfort zone' mindset on exports
London, June 26
Commerce and Industry Minister Piyush Goyal on Friday urged Indian businesses to move beyond the mindset of celebrating modest export growth, warning that incremental gains will not be enough to achieve India's global trade ambitions.
Addressing a Business Plenary Session in London, Goyal said Indian exporters must avoid becoming complacent with annual growth rates of 5 to 10 per cent, arguing that such performance merely matches global trade expansion and does not reflect India's true potential.
"Very often, in our cosy comfort, we lose track, and we get into the typical rut of claiming success when we have 5-7-10 per cent growth," Goyal said, noting that global trade generally grows at around 4 to 5 per cent annually.
He emphasised that India cannot afford to be satisfied with incremental gains if it wants to emerge as a major trading power. According to the minister, the country must target transformational growth by expanding its presence in global markets and leveraging new trade opportunities.
Goyal said India has only "barely scratched the surface" of its export potential in the United Kingdom and stressed that Indian businesses should focus on improving scale, quality, mechanisation, branding and packaging to become more competitive internationally.
The minister highlighted the importance of comprehensive free trade agreements in opening new opportunities for Indian exporters. He said India's expanding trade partnerships should encourage companies to think bigger and pursue larger market shares in key economies such as the UK.
According to data from the UK Office for National Statistics, Britain's total trade in goods and services amounts to nearly £900 billion annually, while bilateral trade between India and the UK currently stands at approximately £45-60 billion. The figures indicate that India still accounts for a relatively small share of the UK's overall trade basket despite steady growth in recent years.
Goyal's remarks come ahead of the implementation of the India-UK trade agreement, which is scheduled to come into effect on July 15. The agreement is expected to provide greater market access and create fresh opportunities for businesses in both countries.
— IANS
Reader Comments
As a Brit who works in trade, I can confirm Goyal is right. The UK imports £900 billion annually and India's share is tiny compared to China, Germany, or even the Netherlands. The issue is that Indian products often lack the packaging and branding that UK buyers expect. Love Indian textiles but they need better presentation. Good luck with the new FTA!
Goyal ji is spot on but let's be realistic - our exporters face so many hurdles: high logistics costs, complex GST, port delays, and lack of cheap credit. You can't just say 'think big' without fixing ground-level issues. The government should focus on reducing compliance burden and improving infrastructure. Then we'll see real transformation, not just 5-10% growth.
The man is not wrong. We have the talent and resources but our mindset is stuck in 'chalta hai'. When I visit trade shows abroad, Indian stalls look so amateur compared to Chinese or Korean ones. We need to invest in design, R&D and aggressive marketing. The UK-India FTA is a golden opportunity - let's not waste it by being complacent!
Easy to say from London but ground reality is different. Our SMEs don't have the capital or expertise to suddenly scale up. The government talks about 'transformational growth' but where is the support for small exporters? Interest rates are high, raw material costs are rising, and global demand is uncertain. Let's be practical - incremental growth is better than no growth.
I've been importing from India for 10 years. The quality has improved
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