Union Minister Piyush Goyal says India to become USD 30 trillion economy 'very soon'

NEW DELHI: Piyush Goyal, Union Minister said on Saturday that India wants to capture the global market in all sectors and that the country will now grow from USD 3 trillion to USD 30 trillion 'very soon'.

According to an official statement, the Minister for Textiles, Commerce and Industry said that the domestic textile industry has great potential to create jobs in the coming years and the Center is actively working with various countries to finalize the Free Trade Agreement which gives zero duty access to India's textile sector in the world market.

The minister was inaugurating SIMA Texfair 2022 at Coimbatore where he said that both cotton and man-made textile sector were being promoted by the Centre which will help gain a large share of the global market, thereby increasing employment and investment.

"In all sectors, we want to become a global industry. We want to capture the world market," he said, adding that the Centre, under the guidance of the Prime Minister, was actively working with various countries to finalize a free trade agreement that will grant zero duty access to the textile sector in the world market.

Today, India is gaining global respect due to the Prime Minister's good relations with world leaders.

He asserted that Tamil Nadu would become the world's largest hub for the manufacture of textiles, pumps, wet grinders and critical components and would accelerate the country's economic growth. Goyal highlighted the various policies adopted by the government and the hard work of the industry to achieve exports of USD 440 billion.

He said the country would soon move from an economy of 3 trillion to an economy of 30 trillion and that the government was strongly addressing all structural issues such as tariff barriers, tax issues, global competitiveness and so on.

The Minister advised all stakeholders in the value chain to work hard and stand together and thereby become the world's largest manufacturing nation. He invited all young men and women entrepreneurs to come forward to invest and contribute to the growth of the nation, PTI reported.

Sharing plans to manufacture uniforms for defence personnel in India, the minister said: "We have decided to support SITRA (Supply of Improved Tool-Kits to Rural Artisans) so that they can produce more defence-related products which will help our jawans at the border."

"The uniforms are to be manufactured in India instead of importing them. Some clinical trials are required for some products. I have agreed to support this under National Technical Textile Mission. They will soon put in a proposal," he said.