Total exports should be US$2 trillion

Exports containers on a port

During Dubai Expo 2020, Piyush Goyal, Minister of Commerce and Industry, said he wants exports of both goods and services from India to attain value US$1 trillion each. He said that the government is working on specific plan of action to achieve the target.

Goal further said, “We would like both services and goods exports to compete with each other and together reach the US$2 trillion mark. The gap is narrowing between both, thanks to the fact that the government is not involved in services exports.” Last year, export of services was US$ 194 billion while export of goods was US$ 290 billion.

“This year, the target for textile exports is $44 billion. We have focused too much on cotton and cotton based textiles. However, at present around two-thirds of international trade is man-made fibre and technical textile where we have a low share. This was never promoted in in India, but now all efforts will be to diversify India’s textile portfolio in international trade,” said Goyal.

The government intend to triple the exports of textiles to reach atleast US$ 100 billion, up from US$33 billion during last year through extending to newer and emerging areas including man-made fibre and technical textiles. The commerce minister has urged the Indians and NRIs to make investment in India’s early age start-ups. Currently, only foreign investors are investing in these area.