Govt supports the export sector to make it self-sufficient : Piyush Goyal

NEW DELHI : Union Minister of Commerce Shri Piyush Goyal said that the government is supporting the export sector to make it self-sustaining and cost competitive.

Addressing Infinity Forum 2.0 virtually at Gujarat Finance Tec-City (GIFT City), Goyal said, “India is aiming to achieve the USD 2 trillion export target by 2030 and in the process it is moving this industry out of the government support to make it self-sustaining and cost competitive.”

At the event, Goyal said that the International Financial Services Centre (IFSC) at GIFT City has become a lynchpin in propelling India’s export-led growth.

“GIFT City will play a pivotal role in powering India’s exports to USD 2 trillion by 2030, and then onwards to up to USD 10 trillion that it envisages to see by 2047,” he said.

Goyal further added that during the next 2-3 decades we hope to see sustained, inclusive growth, during which we are confident of offering sustainable and inclusive development for every single person in the country.

He said India’s target of crossing a USD 1 trillion economy in the next three years, having USD 1 trillion of merchandise and USD 1 trillion of service collectively and USD 2 trillion of exports by 2030 will have a massive impact on the country’s economy.

“This export-led growth will create jobs and work opportunities for youth, give a boost to ‘Make In India’, further opportunities to Start Up India vision, and encourage new innovators to come up with brilliant ideas,” he said.

The minister added that towards that hand-holding, we yesterday allocated Rs 2,500 crore for interest equalisation to ensure that our small exporters, MSMEs particularly, continue to get export support in terms of interest equalisation to equate interest between Indian rates and international rates.

Goyal said IFSC, in the coming years, will become a big source both for finance and insurance and other aspects of India’s growth story.