The Union minister of commerce and industry, consumer affairs, food and public distribution, and textiles, noted that last year merchandise and service trade had crossed $650 billion.

Indian minister Piyush Goyal noted that India’s export figure for last year had already been crossed in February 2023 and expressed confidence that merchandise exports would touch $750 billion this year. He was addressing the 8th edition of the Raisina Dialogue in New Delhi. Goyal also said that India would soon touch the mark of being a $5 trillion economy.

Demystifying the reasons behind India’s trade deficit and import reliance, the minister stressed that with the high levels of investments coming into manufacturing in India, India had been succeeding in producing high quality goods at competitive prices, rapidly reducing reliance on imports, as per a press release by India’s ministry of commerce and industry.

Goyal underscored that the government was focusing extensively on bringing in quality consciousness through various initiatives such as Quality Control Orders (QCOs). The minister also mentioned that the number of QCOs had grown by over four times and stands at about 440 products now and in the next two years, it would grow up to 2,000 helping meet India’s goal of achieving ‘Zero Defect, Zero Affect’.

Goyal also said that India would soon touch the mark of being a $5 trillion economy and added that it would emerge as the third largest economy in the world by 2027-28 and have a $32 trillion economy by 2047.

Fibre2Fashion News Desk (NB)