India will become $30 trillion economy 'very soon': Commerce minister
India wants to capture the world market in all sectors and the country would "very soon" become a $30 trillion economy from the level of $3 trillion at present, Commerce and Industry Minister Piyush Goyal has said.
The Minister for textiles and commerce and industry said the domestic textile industry has enormous potential to create jobs in the years to come, reports The Hindu.
He stated that the country would soon reach a 30 trillion economy from a 3 trillion economy, and that the government has been vigorously addressing all structural issues such as tariff barriers, taxation issues, global competitiveness, and so on.
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According to an official statement, the Ministry is actively negotiating with multiple nations to finalise a free trade agreement (FTA) that will allow India's textile industry duty-free access to the global market.
The minister stressed that the Centre is pushing the cotton and man-made textile sectors so that they receive a larger portion of the global market, hence creating employment prospects and investment.
"In all sectors, we want to become a global industry. We want to capture the world market," Piyush Goyal added.
Piyush Goyal said that Tamil Nadu would become the largest manufacturing base for textiles, pumps, wet grinders, essential components, etc. in the world, hence contributing to the nation's economic progress.
The minister highlighted the government's many policy initiatives and the industry's efforts to achieve $440 billion in exports.
