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Indian economy may touch $30 trillion in the next 30 years, says Minister Piyush Goyal
Commerce and industry minister Piyush Goyal on Sunday said that India wants to capture the world market in all sectors and the country would “very soon” become a $30 trillion economy from the level of $3 trillion at present.
Goyal said that if India grows at 8% every year on a Compounded Annual Growth basis, the economy will double in about 9 years’ time at $6.5 trillion and in 18 years from now, it could be $13 trillion.
“In 27 years from now, the economy growth can be calculated as $26 trillion and hence after 30 years, it can be confidently put that India will be a $30 trillion economy,” he said at the Exporter’s Meet at Tiruppur.
Goyal, who is also textiles minister, said the domestic textile industry has huge potential to generate jobs in coming years and the centre is working actively with various countries to finalise free trade agreement (FTA) which will give zero-duty access to India’s textile sector in the world market.
A Sakthivel, President, Federation of Indian Export Organizations said that the ongoing negotiation with the UK, EU, GCC, and others will throw open new opportunities for Indian exporters and suggested including left over sectors like iron & steel and pharma in Remission of Duties and Taxes on Export Products scheme, solution on money struck for exports made to Sri Lanka, implementation of Rupee Payment System for export to Russia, creation of MSME Market promotion fund, and market access for emerging sectors in services.
Sudhir Sekhri, Vice Chairman, Apparel Export Promotion Council suggested for export of cotton and cotton yarn to be suitably calibrated to ensure that cotton and cotton yarn is available to the exporting units at competitive prices.
ONDCAt a separate event on Saturday, Goyal said that India’s economy has grown due to its trustworthiness, decisive leadership and democratic structure favouring transparency at all levels.
While interacting with members of Confederation of Indian Industry in association with the Department for Promotion of Industry and Internal Trade on Saturday, he said reforms undertaken by the industry department are empowering Indian industries to bring about global growth.
Goyal said that launching the ONDC network (Open Network for Digital Commerce) has the potential to break barriers by enabling and empowering customers to engage with sellers of their choice seamlessly. As per an official release, Goyal said that the current e-commerce platforms were restrictive and favour products of the platform developers’ choice but through ONDC, MSMEs and startups can harness opportunities provided by digital advancement in connecting with their customers.
The ministry launched the pilot phase of the ONDC on April 29, a UPI-type protocol, in five cities to democratise the fast-growing e-commerce sector, help small retailers and reduce the dominance of e-tailing giants.
The minister visited a grocery store in Coimbatore, one of the pilot cities of ONDC, on Saturday to witness how it helps the small merchants. Goyal also told the industry that the government will support the of trade diversification and expansion to advanced economies like Japan for textiles and assured to resolve representations on integrating multiple accreditations necessitated for the pump industry in a few days.
Team Edu-visor