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India’s Exports to Grow 6% in 2025, Says Commerce Minister Piyush Goyal
Export: Union Commerce Minister Piyush Goyal said that India's exports are expected to grow by six percent this year. He said that India has a growing strength. We are moving from a $4 trillion economy in the Amritkaal to an economy of over $30 trillion.
This year, India's exports are expected to grow by 6%. Union Commerce Minister Piyush Goyal expressed this confidence on Wednesday. Highlighting the country's strong performance in global trade despite challenges, the minister said that discussions on free trade agreements (FTAs) with many countries are progressing.
He said that India has a growing strength. We are moving from a $4 trillion economy in the Amritkaal to an economy of over $30 trillion. This clearly demonstrates that India is a suitable place to do business. The world will want to work together with India.
The minister emphasized that India's domestic momentum and external activities are reinforcing each other. He said that we recently released the lowest unemployment figures of 5.1%. He said that it may seem very attractive to say that there is unemployment. However, when I met with Larsen & Toubro, they told me that they are unable to complete projects on time because they cannot find enough workers. In fact, even L&T's IT company is looking for people.
He said that India is the fastest-growing large economy, and the expected infrastructure push and consumer demand from GST 2.0 will boost investment, job creation, and expansion of trade and industry.
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Goyal said that many countries are actively pursuing FTAs with India. He said that we had good discussions with the European Union in the last round. Two of their agriculture and trade commissioners visited Delhi and the discussions progressed rapidly. We may have another virtual or in-person meeting soon. EU President Ursula von der Leyen and Prime Minister Narendra Modi have guided us to complete negotiations by the end of the year, and we continue to work towards that goal.
Referring to the successful free trade agreement with the United Arab Emirates, the minister said it was the world's fastest FTA. He further said, "We negotiated, finalized, and signed it in 88 days. Since then, our exports to the UAE have been growing rapidly. More than 2.5 million Indians live there. I am going to a high-level task force for investment talks and will meet with many investors. Textiles, marine, leather, and pharmaceutical industries are particular sectors where we are exploring opportunities for trade expansion and diversification."
He said that relations between India and the United States remain positive because the leaders of the two countries are friends. He said that every situation will be resolved satisfactorily. Congratulating Prime Minister Narendra Modi on his birthday, Goyal drew parallels between the initiatives launched by him and the legacy of Mahatma Gandhi. He cited various welfare initiatives launched by the Centre for different sections of society.
