India’s goods and services exports have already crossed USD 675 billion in the last fiscal year and the country is now aspiring to take international trade to USD 2 trillion by 2030, Commerce and Industry Minister Piyush Goyal has said while interacting with faculty, researchers, and students at the Stanford University.
India would be completing 100 years of Independence, we will be at least a USD 30 trillion economy in a business-as-usual scenario and possibly a USD 35-45 trillion economy if some of the aggressive plans that the government is putting together work well. That’s the kind of opportunity that I bring to the table,” Goyal said.
India, with a GDP of USD 3.3 trillion, is currently the fifth largest economy in the world only behind the US, China, Japan and Germany. A decade back, India was ranked 11th among the large economies while the UK was at the fifth position. With a 13.5 percent expansion in the June quarter, the Indian economy has overtaken the UK, which has slipped to the sixth spot.
From April-August 2022-23, India’s exports registered a growth of 17.12 percent to USD 192.59 billion. Imports during the five-month period grew 45.64 percent to USD 317.81 billion.
The trade deficit widened to USD 125.22 billion in April-August as against USD 53.78 billion in the same period last year. India’s exports contracted by 1.15 percent to USD 33 billion in August due to subdued demand in developed markets.