Union Minister of Commerce & Industry Shri Piyush Goyal Calls for Nationwide FTA Utilisation Drive to Expand India’s Global Trade Footprint
Commerce Minister Piyush Goyal called for a nationwide drive to maximise utilisation of India's Free Trade Agreements, reaching all 780 districts, citing Q1 GDP growth of 7.8% and India's goal of becoming a $30 trillion economy with a $2 trillion export target by 2030.
Why It Matters
Relevant for UPSC, banking and state-PSC candidates studying India's trade agreements, export promotion schemes, and macroeconomic targets under Viksit Bharat 2047.
In Simple Words
At a National Workshop on 'Leveraging FTAs', Commerce Minister Piyush Goyal called for a nationwide effort to help businesses in all 780 districts benefit from India's Free Trade Agreements, especially MSMEs and first-time exporters. He cited India's Q1 GDP growth of 7.8% and the goal of a $30 trillion economy by 2047.
He said India's nine FTAs, covering economies worth around $60 trillion GDP, give preferential access to nearly two-thirds of global trade — set to rise to 75% with future agreements. India set a $1 trillion export target for this year and a $2 trillion target by 2030, with exports of $317 billion recorded in the first four months, up from $280 billion a year earlier.
Key Points
- Commerce Minister Piyush Goyal addressed the National Workshop on 'Leveraging FTAs' in New Delhi
- Goal to reach all 780 districts, focusing on MSMEs and first-time exporters
- India's Q1 GDP growth cited at 7.8% at constant prices
- Target to make India a $30 trillion economy by 2047
- India's nine FTAs cover economies worth ~$60 trillion GDP, giving access to nearly two-thirds of global trade
- India-UK FTA has been live since 15 July; Mauritius, Oman, UAE and Australia FTAs also live
- Exports reached $317 billion in the first four months, up from $280 billion a year earlier
- India has set a $2 trillion export target by 2030, alongside priority support for 100 BHAVYA parks
Exam Angle
A. $2 trillion.
Source: Press Information Bureau