Piyush Goyal Predicts the Growth of Economy and Exports: Piyush Goyal, the minister of commerce and industry, expressed confidence that the nation will reach its goal of 2 trillion USD in products and services exported by 2030. The Union Commerce and Industry minister was addressing at the Chennai-based Exporters Conclave.
Piyush Goyal Predicts the Growth of Economy and Exports
- Piyush Goyal stressed the need of maintaining the export momentum and expressed his confidence that Indian exports will be able to weather the global challenges and will far outpace export growth.
- Piyush Goyal predicted that the nation’s economy will reach USD 30 trillion by 2047, with exports accounting for 25% of total output.
- He predicted that India’s exports will reach USD 2 trillion by 2030.
- The government has promised to resolve the problems brought up by the industry participants.
Highlights of the Meeting:
- Exporters raised a number of concerns at the meeting, including the growing cost of raw materials, the weakening demand in several important export destinations, and the need for increased support for exporters during this challenging time.
- The need for a higher exporter interest subsidy, the extension of benefits for export to Russia under rupee payment, higher freight costs, the removal of the 50% duty on the export of law-grade iron ore, and non-tariff barriers faced by domestic exporters in the EU, Japan, and China markets were other topics covered during the session.