Indian Trade to Achieve $2 Trillion Mark by 2030, Commerce Minister Piyush Goyal Says

March 2022 marked a historic milestone for Indian trade as its annual turnover exceeded $1 trillion for the first time. However, India's Commerce and Industry Minister Piyush Goyal says that this is only the beginning as the country aims to reach a target of $2 trillion in eight years.

Piyush Goyal, who took office as Minister of Commerce and Industry in 2019, shared some thoughts on the Indian economy and the country's plans for the years ahead during a visit to San Francisco.

“We have recently seen some successes in our international engagement growing to about $675Bln (exports of goods and services) for the first time ever last year. We are hoping to bring our international trade to about $2 trillion by 2030,” the minister said.

Apart from the ambitious target for international trade, Goyal also noted the good management skills of the present office of Narendra Modi, arguing that the government has spent the past few years “laying the foundations on which the country can rapidly transform, develop its economy, improve its systems and engage in technology”. The minister stressed that only 10 years ago, India ranked 11th among major economies, and this month it overtook the UK in fifth place.

After his comments on the country’s great economic success during a decade of Modi’s rule, Goyal shared another ambitious target of his government which is to make India a $35 to $45 trillion economy by the time the country reaches 100 years of independence.

"...by 2047-2050 period, when India would be completing 100 years of Independence, we will be at least a $30 trillion economy on a business-as-usual scenario and possibly a $35 to 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.

According to the Ministry of Commerce and Industry, India's main trading partners are the US, China, the United Arab Emirates, Saudi Arabia and Iraq. China disputed this data, claiming first place in this chart.

Between April and August of this year, India's exports rose by 17.12 percent to $192.59Bln. Imports for five months increased by 45.64 percent to $317.81Bln. The trade balance deficit, however, also increased to $125.22Bln.