Published 15:40 IST, September 12th 2019
India needs 19-20% growth rate for $5 trillion economy: Piyush Goyal
Union Commerce Minister Piyush Goyal on Thursday said that India must try to bring back the 19-20 per cent export growth. He also urged people to boost exports.
The Indian Union Commerce Minister Piyush Goyal on Thursday said that India must try to bring back the 19-20 per cent export growth. He said that this will be able India to reach the 5 trillion dollar economy mark. This would mean a goal of trillion-dollar of exports will be achieved in the next five years. He also said that this goal will test the government’s ability to push exports in difficult global economic conditions.
'19-20% growth rate needed for 5 trillion economy'
"On the export front, we are willing to take bold decisions and steps. The 5 trillion dollar economy cannot be completed unless we once again get back to the 19-20 per cent growth levels,” he said. The Union Minister also revealed that the government is trying to look at a trillion-dollar export in the next five years. Talking about the goal, he said, “It's eminently doable, not at all beyond imagination, but you need to dare to accept a large target. Unless you accept the larger goals, we are not going to reach anywhere close to that."
Union Minister urges people to boost exports
The Union Minister was addressing a Board of Trade meeting where he also urged people to look at what is needed to achieve for a trillion-dollar of exports to boost the entire economy and ensure that we have our fair share in global trade.
India's goods exports posted a marginal growth of 2.25 per cent in (year-on-year) to $26.33 billion in July. While outbound shipments from major sectors such as petroleum, gems and jewellery, engineering goods and leather registered a decline.
The imports of petroleum sector fell by 22 per cent and gold sector fell by 42 per cent, while imports of semi-precious stones fell by 31 per cent. Overall, exports in April-July 2019-20 contracted 0.37 per cent to $107.41 billion.
Prime Minister Narendra Modi's 5 trillion economy vision
Prime Minister Narendra Modi, in his independence day speech, had asserted that India is aiming for a 5 trillion dollar economy. “$5 trillion dollar economy is my goal now. If every citizen starts contributing to the nation, we can achieve this. People say it is difficult but if it's not, then why strive for it? In the last 70 years, we became a $2 trillion economy and only in the last five years, we added $1 trillion. This gives me the confidence of becoming a $5 trillion economy soon,” he said.
Updated 17:10 IST, September 12th 2019