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India’s G-20 Presidency Will Help Boost Exports, Commerce Minister Says
India’s G-20 Presidency Will Help Boost Exports, Commerce Minister Says
Sputnik India
The upcoming G-20 Summit in New Delhi will help to expand the global footprint of Indian business and boost their exports, Indian Commerce and Industry Minister Piyush Goyal has said.
2023-08-30T12:55+0530
2023-08-30T12:55+0530
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The upcoming G-20 Summit in New Delhi will help to expand the global footprint of Indian business and boost their exports, Indian Commerce and Industry Minister Piyush Goyal has said.He highlighted that India businesses exported merchandise worth over $450 billion in 2022-23, expressing confidence that the country would be able to meet target of achieving $1 trillion each of goods and services exports by 2030.Goyal said that India’s young demography would boost domestic demand and would help the government achieve the target of turning the country into a $35 trillion economy by 2047.Further, the minister noted that the Indian government was trying to “unlock other markets" through Free Trade Agreements (FTA) and modernization of the economy through the ongoing digitization drive.He also noted that the Indian government has significantly increased investments in the country’s infrastructure to ensure “lower logistics cost and a seamless movement of goods and services”.G-20 Summit Holds Significant Importance for Global TradeThe upcoming G-20 Summit in New Delhi holds “significant importance” for global trade, Goyal said.While expressing concerns about the "challenges to the global economy due to the geopolitical situation”, Goyal said that Indian businesses possessed the “ability and agility to overcome adverse situations”.
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India’s G-20 Presidency Will Help Boost Exports, Commerce Minister Says
12:55 30.08.2023 (Updated: 12:57 30.08.2023) The G-20 Summit is scheduled to take place in New Delhi on 9-10 September.
The upcoming G-20 Summit in New Delhi will help to expand the global footprint of Indian business and boost their exports, Indian Commerce and Industry Minister Piyush Goyal has said.
Addressing an event organized by the industry group Federation of Indian Export Organisation (FIEO) on Tuesday evening, Goyal expressed confidence that leaders’ meeting of the world’s top 20 economies would increase foreign investments in India as well as bolster New Delhi’s role in multilateral organizations.
Goyal reckoned that India’s G-20 presidency would be particularly helpful for the micro, small and medium enterprises (MSMEs) with significant access to information and would help them become “globally successful exporters”.
He highlighted that India businesses exported merchandise worth over $450 billion in 2022-23, expressing confidence that the country would be able to meet target of achieving $1 trillion each of goods and services exports by 2030.
Goyal said that India’s young demography would boost domestic demand and would help the government achieve the target of turning the country into a $35 trillion economy by 2047.
“We also showed sensitivity to the developing world by providing them vaccines, to many of them free of charge. We showed that under Prime Minister (Narendra) Modi’s astute leadership we will perform and lead global growth,” he remarked.
Further, the minister noted that the Indian government was trying to “unlock other markets" through Free Trade Agreements (FTA) and modernization of the economy through the ongoing digitization drive.
“We should focus on quality, sustainability and innovation and if we keep these in our priority, the world is looking up to India wants to deal and trade with India and to partner with us in our growth story,” Goyal urged the Indian business community.
He also noted that the Indian government has significantly increased investments in the
country’s infrastructure to ensure “lower logistics cost and a seamless movement of goods and services”.
G-20 Summit Holds Significant Importance for Global Trade
The upcoming G-20 Summit in New Delhi holds “significant importance” for global trade, Goyal said.
The minister expressed confidence that India’s G-20 leadership would be “recognized and remembered for many years as an action-oriented” presidency, according to excerpt of his remarks released by the Commerce Ministry.
While expressing concerns about the "
challenges to the global economy due to the geopolitical situation”, Goyal said that Indian businesses possessed the “ability and agility to overcome adverse situations”.
