Commerce Minister Piyush Goyal projects India's biggest export target of $400 bn this year

India will achieve a USD 400 billion export target this year (2021-22), a feat that has never happened before, according to Union Minister of Commerce and Industry Piyush Goyal.

"The United Arab Emirates will become a gateway for Indian trade to the Middle East and Africa, and we may put up a massive India mart to reach that market," Goyal said of the new markets that will help India meet its export objective.

"The India-UAE Free Trade Agreement is currently being discussed. They've pledged $100 billion in investment and infrastructure development in India, according to Goyal. After laying the foundation stone for the giant common facility centre at the Santacruz Electronics Export Processing Zone in Mumbai on Saturday, Goyal noted.

Diamond Trade Exports Double: Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal had informed last month that India can become the world's largest diamond trading hub, citing the fact that gem and jewellery exports had increased this fiscal year. "In the first seven months, up to October 2021, the export was 23.62 billion dollars, as compared to 11.69 billion dollars (+102.09%) tor the same period in the previous year," Goyal had said. He also stated that the Gems and Jewellery sector has been designated as a focal area for export development by the government.

Meanwhile, Union Minister of Commerce and Industry Piyush Goyal said that India has emerged as a trusted partner for the world and that it will continue to utilise global alliances for collective solutions to global concerns in order to achieve sustainable growth. Goyal, addressing at the CII Partnership Summit 2021's opening session earlier this week, also stated that India's 65 million SMEs are on their path to becoming a trillion-dollar digital economy as the country embraces digitalisation.

In response to India's increased commercial adoption of technology such as 5G, AI, and the Internet of Things, he stated that the country is on track to attain manufacturing excellence, citing the country's strong economic performance and rising economic indicators.

Union Minister Piyush Goyal, speaking about Prime Minister Narendra Modi's efforts and development, said that India's partnerships with citizens, communities and other countries will help the country achieve its goal. Goyal also referred to India as the "World's Trusted Partner," saying that despite the lockdown, India had met all of its foreign service promises.

(with inputs from ANI)

Image: PTI