Business News | India Eyes $1 Trillion Export Target, Minister Goyal Calls It 'Our Time Under the Sun'
Get latest articles and stories on Business at LatestLY. Commerce and Industry Minister Piyush Goyal on Wednesday set an ambitious goal of achieving USD 1 trillion exports target in current financial year, saying the gap between last year's 863 billion and the new target is "not impossible" to bridge.
New Delhi [India], May 13 (ANI): Commerce and Industry Minister Piyush Goyal on Wednesday set an ambitious goal of achieving USD 1 trillion exports target in current financial year, saying the gap between last year's 863 billion and the new target is "not impossible" to bridge.
Goyal made the announcement while addressing the LEAPS Awards and releasing the LEADS Report 2025, a platform recognising excellence in logistics across states.
"USD 863 billion to USD 1 trillion is just USD 137 billion more. We are opening the doors," Goyal said, adding that states and the Centre were working in tandem to improve infrastructure and ease of doing business.
The Minister highlighted sweeping regulatory reforms undertaken by the government, including the decriminalisation of over 1,000 offences under the Jan Vishwas Bill and the reduction of approximately 42,000 compliance burdens. He said the Department for Promotion of Industry and Internal Trade (DPIIT) has been directed to streamline all business-related forms, processes and procedures by integrating databases.
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On the trade front, Goyal said India has secured preferential market access across 38 developed economies through nine Free Trade Agreements over the past three and a half years -- four of which are already operational, with five more expected within the next 12 months. India now has trading arrangements spanning over two-thirds of global trade.
Agreements with Chile and the Maldives are expected to be finalised by year-end, while talks are ongoing with Canada, Israel, Mexico, the Gulf Cooperation Council (covering Qatar, Kuwait, Bahrain and Saudi Arabia), South Africa and Eurasian nations.
Goyal also highlighted India's booming Global Capability Centre (GCC) sector, with 1,800 centres already operational and 500 more in the pipeline. "Fortune 500 companies, the largest banks, financial institutions and technology companies are setting up GCCs in India, leveraging our cost advantage and young talent pool," he said.
Calling the current moment a "defining moment" for India, Goyal urged the industry to invest boldly. "Those of us who do not seize this moment will only live to regret it. It's our time under the sun," he said.
On logistics, Goyal stressed the need for seamless movement of goods across the country, describing it as a critical pillar of India's export ambitions. He said the government's "One Nation, One Tax" GST framework had already brought significant relief to the logistics sector by eliminating inter-state bottlenecks. He called on states to continue supporting efforts to reduce logistical friction, improve infrastructure and bring down costs. The LEADS Report 2025, released at the event, was cited as a key tool to benchmark and improve logistics performance across different states, encouraging healthy competition and faster reform. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)