Goyal hopes that India’s exports will touch USD410 Billion in the current financial year

India’s exports share in GDP should rise to at least 20% for the country to become a USD 5 Trillion economy, Union Minister of Commerce & Industry Piyush Goyal said on Monday.

He also said a strong Rupee would be good for exports and support the Indian economy.

“If we want to be a $5 Trillion economy, our exports of Goods and Services will have to a Trillion Dollars at least, - ideally 25%, but at the very least 20%! And why I said 25%, because we need to support our import of Oil. And therefore our exports will have to really go up by leaps and bounds so that we can continue to finance our imports and strengthen the Rupee in the days to come,” said Goyal.

He was delivering the keynote address to the ASSOCHAM Annual Session on “The Great Reset: Reinforcing India’s Global Positioning”.

The Commerce & Industry Minister expressed hope that India’s exports would touch USD410 Billion in the current Financial Year.

“I am delighted that we are at $374 Bn until February, 2022, i.e. 11 months of this (financial) year. So I do believe that irrespective of problems that we have in the northern parts of Asia-Europe, we are well on track not only to achieve 400 ($400Bn), I am hoping closer to 410 (410Bn),” he said.

Referring to the importance of a strong Rupee, Goyal explained, "I believe a strong currency reflects the strength of a nation and will always be good for exports, because India, at the end of the day, is a net importer of Goods. A strong currency supports the Indian economy".

Stating that the Covid-19 pandemic had presented India a unique opportunity to attract global manufacturing giants as companies look to become resilient & diversify supply chains, Goyal said "we just need to leverage our ‘EDGE’ to give us an Edge in the global competition":

* Economies of Scale

* Demographic Dividend

* Good Governance, &

* Encourage Innovation in Industry

The minister also called for the reorienting of economic laws to suit the changing needs of time. “We will have to look at all of our traditional ways of working or doing business afresh,” he said.

During his video address, Goyal gave a 3-point Call to Action for the Industry:

1. Explore various FTA provisions and use them to itsfull potential; take active part in existing negotiations, - FTAs are 2-way traffic; we have to be demanders &also accommodate their demands

2. Through actions, instil a feeling of pride in ourcitizens, that our products are at par or even betterthan global products. Make the difference visible!Gone are the days when imported meant better, “Made in India” mark should compete with globalbrands in every category

3. Focus on development of Aspirational districts & Tier2 & 3 cities. These can be the future export hubs.