The target of taking India's goods and services exports to USD 2 trillion is likely to be achieved around 2032, instead of the earlier goal of 2030, due to global uncertainties, Commerce and Industry Minister Piyush Goyal said on Saturday.
He said the Covid-19 pandemic impacted the country's exports, followed by turbulence and volatility in the global trading order, adding that the volatility now appears to be gradually settling down.
"I had certainly set that target (USD 2 trillion exports by 2030) a few years ago. But as you're aware, we lost at least two-and-a-half years in Covid and that did set us back quite a bit. After that there has been turbulence and volatility in global trading order which also seems to be gradually settling down," he told PTI in an interview.
"So we are persevering towards a two trillion dollar export target. May not necessarily happen by 2030, but I'm very confident if we add the COVID lost years, we'll be able to achieve that target," he added.
India's goods and services exports in 2024-25 stood at USD 825 billion, and in 2025-2026, it is expected to cross USD 850 billion.
When asked if it is possible to achieve the USD 2 trillion target by 2032, the minister said: "Around that time".
He added that the free trade agreements (FTAs), being finalised by India, will provide huge opportunities for domestic exporters.
He said FTA is not only about trade in goods and services, these pacts provides stability, predictability, and clarity in engagement between two countries.
"It gives opportunities for mobility," Goyal said, adding stability and predictability naturally attract investors towards a country.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
