India’s export share in GDP should increase to at least 20 pc to achieve $5 trillion economy: Piyush Goyal

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new Delhi: Union Commerce and Industry Minister Piyush Goyal on Monday said that the share of India’s exports in the Gross Domestic Product (GDP) should increase to at least 20 per cent for a five trillion dollar economy, adding that a strong rupee will boost exports. would be good for

“If we want to be a five trillion dollar economy, our exports of goods and services have to be at least a trillion dollars, – ideally 25 percent, but at least 20 percent. And why did I say 25 percent because We need to support our imports of oil. And so our exports really have to go up by leaps and bounds so that we can finance our imports and strengthen the rupee in the coming days,” Goyal said in the keynote address. Giving said. Speech at the Annual Session of ASSOCHAM on “The Great Reset: Reinforcing India’s Global Positioning”.

“I personally do not belong to the old ideology (or) industry or society or a section of exporters who believe that a weak rupee or a weak currency favors exports. I believe that a strong currency is 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,” Goyal, in his video conference address, addressed the issue. Opening up for wider debate.

Goyal said he expects India’s exports to reach $410 billion in the current fiscal. “I am happy that we are at $374 billion as of February 2022, that is, 11 months of this (fiscal) year. So I am confident that whatever problems we have in the northern parts of Asia-Europe, we are well on track Not only to achieve 400 billion dollars, I am expecting closer to 410 (410Bn),” he said.

Goyal called for re-framing the economic laws in line with the changing needs of the times. “We have to look afresh at all our traditional ways of working or doing business,” he said.

The Commerce Minister quoted Prime Minister Narendra Modi as saying, “There comes a time in the development journey of every country when the country redefines itself and moves forward with new resolutions. Today, in India’s development journey, he The time has come.”

Goyal said that ‘Amrit Kaal’ aims at scaling new heights of prosperity for India and 135 crore citizens of India.

Stating that COVID-19 has provided us with a unique opportunity to attract global manufacturing giants as companies try to become resilient and diversify supply chains, Goyal said that it is important for us to do our best to give us a global competitive edge. There is a need to leverage ‘EDGE’ – economies of scale, demographic dividend, good governance and encourage innovation in the industry.

Goyal asked the industry to focus on the development of aspirational districts and tier 2 and tier 3 cities so that they can emerge as export hubs of the future.

The Union Minister said that the government is identifying focus areas on the basis of our competitive advantage and comparative advantage. He said that the Union Budget 2022 has strengthened our commitment towards self-reliant India. (ANI)

First published:March 8, 2022, 1:56 am

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