Indian Economy News

India Began Building Bridges When the World Was Building Walls: Union Minister of Commerce and Industry Mr. Piyush Goyal

India is strengthening its global trade and investment engagement while targeting US$ 1 trillion in exports in the current year, according to Mr. Piyush Goyal, Union Minister of Commerce and Industry, who addressed the curtain raiser of the 31st CII Partnership Summit in New Delhi. India recorded Rs. 76.27 lakh crore (US$ 863 billion) in exports in FY2025-26 and is targeting nearly 16% growth to reach the US$ 1 trillion milestone, despite global trade expected to expand by only around 2.5-3%. Mr. Piyush Goyal, Union Minister of Commerce and Industry, expressed confidence that India would achieve the target through the collective efforts of 63 million MSMEs, large and small industries, global capability centres and around 250,000 startups. Mr. Piyush Goyal, Union Minister of Commerce and Industry, also highlighted India’s growing engagement through free trade agreements, which protect sensitive sectors including agriculture, fisheries and MSMEs while creating opportunities for exports, investment and greater market access. The 31st CII Partnership Summit, scheduled for November 12-13 in Visakhapatnam, will provide a platform for global partnerships and discussions around India’s growth and investment opportunities.

India’s expanding trade ecosystem is supported by technological advancement, digital infrastructure, reforms and increasing integration with global markets. Mr. Piyush Goyal, Union Minister of Commerce and Industry, highlighted the contribution of the Digital India movement, which has generated savings of more than Rs. 5 lakh crore (over US$ 55 billion) over the last 12 years, while reforms such as the Goods and Services Tax and the integration of regional power grids have strengthened the country’s economic infrastructure. India’s economy, currently valued at around Rs. 380.2 lakh crore (US$ 4 trillion) has the potential to reach Rs. 2851.5 lakh crore (US$ 30 trillion) by 2047, supported by a young and aspirational population, technology adoption and expanding opportunities for businesses and talent. Mr. Piyush Goyal, Union Minister of Commerce and Industry, also highlighted opportunities in emerging technologies, cyber security and technology-enabled services, alongside India’s focus on sustainability, labour reforms and ease of doing business. The Minister further highlighted technology-driven development in Andhra Pradesh, including the upcoming Google AI hub in Visakhapatnam and the development of Amaravati as a quantum valley, reflecting the potential of Centre-State collaboration to attract investments, strengthen infrastructure and create employment.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.