India sets one trillion dollar export target for goods and services this year, says Piyush Goyal
India has set an ambitious target of raising its total exports of goods and services from 863 billion dollars last year to one trillion dollars this year. Union Minister of Commerce and Industry Piyush Goyal said merchandise exports have grown by more than 15% in the first six months of the current financial year, despite global challenges.
Mr Goyal said bilateral trade has doubled to around 100 billion dollars under the India-UAE Comprehensive Economic Partnership Agreement. The two countries now aim to take it to 200 billion dollars by 2032. The minister said the UAE has already invested about 25 billion dollars in India and has indicated intent to invest another 25 billion dollars soon, with a long-term investment target of 100 billion dollars. Mr Goyal said cooperation is expanding in space technology, shipbuilding, food security, agri-innovation, logistics, artificial intelligence, energy security and fintech.
On the food sector, he said greater collaboration will give Indian farmers an assured market and create jobs for youth and MSMEs in processing, packaging and exports. India?s food and marine product exports already exceed five lakh crore rupees. The Minister also highlighted the growing popularity of the ?One District One Cuisine? initiative and said the government wants to expand it across the country.
In the space sector, he highlighted the success of Indian private startups, including the first private company to launch a rocket on its maiden attempt, satellite manufacturing, and work on orbital debris cleaning technology.
For energy security, studies are on for expanding strategic petroleum reserves with UAE support. Greater liquefied natural gas (LNG) and liquefied petroleum gas (LPG) supplies and possible subsea gas pipelines are also being explored.
In the maritime sector, Mr Goyal said six areas of cooperation have been identified, including modern ports, ship manufacturing, repair and container making. He said a dedicated working group will be set up to be led by India?s Ministry of Ports, Shipping and Waterways. India?s port capacity, which doubled in the last decade, will need to double again, and the UAE is expected to be a key investor.
On fintech, the Minister noted that UPI use in the UAE is growing rapidly. Future cooperation will focus on cybersecurity, AI-based financial services and startups, with good investment potential from the UAE. Mr Goyal said the India-UAE FTA, concluded in less than 90 days, set a global benchmark and reflects the strong trust between the two nations.
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