India’s exports surged 55% in the last two years from $500 billion to $776 billion, which has created job opportunities in the country, Minister of Commerce and Industry Piyush Goyal said on Thursday.
Addressing a media event in Mumbai, Goyal said the country will touch $2 trillion in exports by 2030. "By 2030, we will see $2 trillion in exports from India. Imagine what opportunity that will open up. In fact, in the last two years, our exports have gone up from $5 billion, which was about ₹38 lakh crore to $776 billion. This is 55% growth in two years. Over ₹60-62 lakh crore exports, that’s the type of export. Now this 24 lakh crore exports, adds to jobs, adds to business, adds to economic activity," Goyal said. He had earlier said the country's merchandise exports can reach $1 trillion by 2030.
In FY23, the country's merchandise exports surged 6% to a record $447 billion aided by healthy growth in outbound shipments of sectors such as petroleum, pharma and chemicals and marine. The country's imports grew in double digits to $714 billion in FY23, up 16.5% as against $613 billion in FY22.
Hailing the country's 7.2% GDP growth in FY23, Goyal said the country could achieve the feat owing to the government's pursuit of a strong economy. "The important message for all of us is to strengthen the nation from the roots. How could have we achieved 7.2% GDP growth in FY23? It is because of nine years of the pursuit of a strong economy," Goyal said, adding this has strengthened India’s forex reserves and brought the interest rates down.
The country's GDP grew by 7.2% in FY23, which is 20 basis points higher than the Centre's second advance estimates of 7%. The GDP growth for Q4 FY23 stood at 6.1%. The GDP growth for Q4 FY23 was higher than the 4.5% expansion reported in Q3 FY23, while it stood at 4% in the January-March quarter last year, according to the government data. The government said the country’s nominal GDP or GDP at current prices in the year 2022-23 attained a level of ₹272.41 lakh crore vs ₹234.71 lakh crore in 2021-22, showing a growth rate of 16.1%.
Regarding the country's economic growth prospects, Goyal said India could achieve a $35 trillion economy by 2047. "India is in the mode of stability, with a proactive government strengthening every element of the economy, in a manner which will hold a good state in our pursuit to become a developed nation by 2047. We are going to go from $3.5 trillion today atleast $35 trillion economy by 2047," he said.