Foreign trade will help India become $30 trillion economy: Piyush Goyal

Commerce and industry minister Piyush Goyal on Friday said foreign trade will help India become a $30-trillion economy with a per capita GDP of $15,000. India is a bright spot in the world today when several other countries are in recession and facing severe inflation, which is five times higher than normal in some countries, Goyal said.

"We have reached that inflection point...we are at the cusp where we are going to take off... We have the ambition to be at least ten times in the next 25 years where we are looking to cross the $30 trillion economy with a per capita GDP of $15,000," he said.

The minister pushed for seamless foreign trade and free movement of goods and services across borders while inaugurating the Kakinada campus of Indian Institute of Foreign Trade.


The Indian economy grew nearly 12 times in dollar terms in the last 30 years to $3.5 trillion today, from less than $300 billion, he said.

The world is seeking to engage with India because it is a growing economy, he said, adding that political stability, decisive leadership and deft handling of the economy have made the world look up to India.

"The world wants to do more and more business...free trade agreements with us," Goyal said. "World wants to expand trading relationships and friendship with India, looking at the potential in terms of a large market and the potential we have to help their economies survive and grow."