Export of 19-20% needed to achieve $5 trillion economy: Piyush Goyal

Union Minister for Railways and Commerce and Industry Piyush Goyal (Photo: IANS/PIB)


Union Commerce Minister Piyush Goyal on Thursday said in order to reach the 5-trillion-dollar economy mark as envisaged by Prime Minister Narendra Modi, India must try to bring back the 19-20 per cent export growth.

“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. So we are clearly looking at a trillion-dollar export in the next five years and its eminently doable. Unless you accept the larger goals, we are not going to reach anywhere close to that,” said Piyush Goyal while addressing the Board of Trade meeting.

This translates into a trillion-dollar of exports over the next five years, a goal that would test the ability of the government to push exports in difficult global economic conditions.

“I would urge all of you to look at what is needed to achieve a trillion-dollar of exports to boost the entire economy and ensure that we have our fair share in global trade”, he said.

India’s goods exports in July posted a marginal growth of 2.25 per cent to $26.33 billion as out-bound shipments from major sectors such as petroleum, gems, and jewellery, engineering goods, and leather registered a decline.

Trade deficit during the month shrank significantly to $13.43 billion from $18.63 billion in July 2018 as imports contracted 10.43 per cent to $39.76 billion. The fall in imports was largely due to a sharp decline in the petroleum sector (22 per cent), gold (42 per cent) and pearls, precious and semi-precious stones (31 per cent).

The small growth in exports in July 2019 was followed by a 9.71 per cent decline in June 2019 to $25.01 billion. Overall, exports in April-July 2019-20 contracted 0.37 per cent to $107.41 billion, prompting exporters to ask for the government support.

(With input from agencies)