"Everyone has taken an oath to do export of USD 1 trillion this year," says Union Minister Piyush Goyal
New Delhi, July 3
Union Minister Piyush Goyal declared that the Indian exporters and policymakers have committed to reaching a USD 1 trillion export target for the current fiscal year. The resolution follows a comprehensive review of the country's trade trajectory during a Board of Trade meeting held in the national capital.
Speaking to the media after the meeting, the Union Minister stated: "Everyone has taken an oath that this year we will do an export of USD 1 trillion."
Goyal mentioned that the trade numbers up to June kept the country well on track to meet this goal. He stated that the first quarter witnessed approximately 15 per cent growth in exports, with detailed numbers scheduled for release on the 15th of the month.
"My expectation is that we will grow merchandise by about 16-17% this year and services by about 10-11%," he added.
The trade expansion relies on recently secured access to developed economies. Goyal noted that free trade agreements opened up markets across 38 developed nations for Indian goods. To capitalize on these opportunities, official and business delegations are traveling globally to establish deeper commercial ties.
"There is only one voice from everywhere. India is a reliable partner. We have to increase relations with India," Goyal said.
"Today, we had a very important board of trade meeting through which we were able to discuss with all the people of the industrial world and got a lot of good suggestions from them and discussed a lot of possibilities with the state governments and got an overall perspective from which my enthusiasm and the enthusiasm of everyone sitting in this room has increased," Goyal added.
During the meeting, the Minister outlined a seven-point action agenda to boost export capabilities. The strategy urges state governments and industry associations to prioritize export-oriented businesses.
The plan includes the state-level notification of labor rules to resolve land and labor issues, alongside a government commitment to provide 100 per cent funding for required testing facilities to reduce costs for exporters.
"We were USD 863 billion last year. We want to grow to USD 1 trillion in exports this year. And to reach USD 1 trillion, our goods export will have to increase from USD 440 to about USD 530. That is a 17% growth in goods. Services will have to grow from USD 421 to about US 470. That is how we'll reach a trillion, which is a growth of about 11%."
The agenda also features financial assistance through the Export Promotion Mission for micro and small enterprises seeking international regulatory approvals. Furthermore, the Directorate General of Trade Remedies will support domestic manufacturers against predatory pricing and dumping from foreign nations, while a parallel focus remains on building import-substituted industries to protect local supply chains.
"Today, we are exporting defence to 100 countries and achieved a historic Rs 38,400 crore export of defence material last year. We have exported more defense goods than we have imported. We have a surplus in defense exports. India is today at a different level. But if we have to go to the next level, we need all your support. We are trying, on our part, to make things simpler, ease the process of doing business, decriminalise laws, and implement the Jan Sunwai Bills. We are trying to reduce the compliance burden. The four labor codes have been notified. Plug-and-play infrastructure will be provided in industrial parks so that land becomes available. The whole world is our stage. But the actors have to come from within India," Goyal said.
— ANI
Reader Comments
Finally some concrete steps! The seven-point action plan addressing labour codes and land issues is exactly what we needed. And defence exports surpassing imports is a huge milestone 🇮🇳. But honestly, Rs 38,400 crore is still small compared to USD 1 trillion. We need more focus on high-value manufacturing like electronics and semiconductors.
Impressive target. As someone who works in trade finance, I can say that India's export growth story is real. The FTAs with developed economies are opening doors, but I wonder about the logistics bottlenecks. Indian ports still lag behind global standards. Reducing compliance burden is welcome, but we need faster customs clearance too.
While the rhetoric is encouraging, let's not forget last year's target challenges. USD 863 billion was achieved, but reaching USD 1 trillion requires unprecedented coordination between Centre and states. The 'Jan Sunwai Bills' and decriminalisation of laws are positive steps. However, the real test will be whether our MSMEs can access these new markets effectively.
Interesting to see India's aggressive trade push. The defence export surplus is a big deal - shows how far India has come from being a net importer. But I'm skeptical about the 17% goods growth target given global headwinds. Let's see if the FTA benefits actually trickle down to smaller players or remain with large corporates.
Love the optimism but ground reality is different. Our farmers and small artisans still struggle with basic export documentation. The 'Export Promotion Mission' for MSMEs needs to be more than just a name
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