Tue, August 16, 2022

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India will leap from $3 trillion to $30-trillion economy ‘very soon’


India would soon become a $30-trillion economy from the current $3-trillion, the country’s Commerce and Industry Minister Piyush Goyal has said.

For this, the Indian government has been "aggressively addressing all the structural issues including tariff barriers, issues in taxation and global competitiveness", he said, while inaugurating a textile fair in Coimbatore, in the southern state of Tamil Nadu, on June 25.

Goyal said India was working actively with different countries to finalise free-trade agreements, which will give zero-duty access for the Indian textile sector in the world market, our New Delhi correspondent reports.

Goyal advised all stakeholders in the value chain to strive hard, stand united and thereby become the largest manufacturing country in the world.

He said that from farm to fabric, fabric to finished products, finished products to fashion products and then finally to foreign products, India has a major share in the entire value chain.

The commerce minister said India has already finalised two FTAs with Australia and the UAE and was negotiating with the UK, Canada and EU. These FTAs will benefit textile business hubs like Coimbatore and Tirupur in Tamil Nadu, he added.

He said the Indian government is promoting both cotton and man-made textile sector so that it gets a larger share of the world market, thereby increasing job opportunities as well as investment.

"In all sectors, we want to become a global industry. We want to capture the world market," Goyal said.

The Daily Star

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India will leap from $3 trillion to $30-trillion economy ‘very soon’

Published : June 27, 2022

By : The Daily Star