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India on way to exceeding US$ 400 billion exports target, says Piyush Goyal at Expo 2020 Dubai

By FirstIndia
On 4 October 2021 at 06:10

India is on the way to reaching and surpassing US$ 400 billion exports per year target and a GDP growth that will take the country to become a US& 5 trillion economy, Union Commerce and Industry Minister Piyush Goyal has said.

The minister, who inaugurated the India Pavilion at Expo 2020 Dubai, said India is all set to play an increasingly central role in global affairs, trade and business with its democratic values, extremely capable talent pool, technological prowess and growing appetite for learning and leadership.

Goyal noted that the India Pavilion will showcase a modern, robust India — high on technology, while simultaneously exhibiting the beauty of Indian art, culture and cuisine.

"We are on the way to reaching and surpassing US$ 400 billion exports per year target and a GDP growth that will take us to become a US$ 5 trillion economy, and beyond. The next 25 years are set to symbolise India’s golden growth phase," Goyal said.

He invited the global community to be part of this resurgent ’New India’ journey.

The minister said India’s GDP growth in the first quarter of FY22 at a record 20.1 per cent against the contraction of 24.4 per cent in the same quarter of FY21 not only signals a strong revival but also the potential for an economic rebound in a big way and growth at a rapid pace.

"We have a huge advantage in our young populace and with the help of the New Education Policy (NEP), and its focus on skill development, the productivity levels in the country are set to rise substantially to support the growth objectives," he said.

While India-UAE trade has also been impacted by COVID-19 pandemic, it was valued close to USD 60 billion in 2019-20 with UAE being India’s third-largest trading partner and second-largest export destination after the US with an export value of approximately USD 29 billion in 2019-20.

UAE is also the 8th largest investor in India, having invested US$ 11 billion between April 2000 and March 2021.

"Over the years, UAE and India have built a strong relationship that goes beyond economic, cultural and political spheres.

UAE has given opportunity to thousands of Indians to build their lives in the country, and Indians on their part have exhibited their expertise and contributed to the collective growth of the nation through several areas, including education, technology and entrepreneurship.

Expo 2020 Dubai is set to galvanise this further," Goyal said.

India is on the way to reaching and surpassing US$ 400 billion exports per year. Photo IBEF

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