India to export $800 billion by the end of FY25: Goyal | Latest News India

New Delhi A decade of far-reaching domestic reforms and international relations built by the Modi government have brought India to the center stage of the global economy as a reliable business partner, Union Minister of Commerce and Industry Piyush Goyal said on Thursday and expressed hope that the growth momentum will pick up. This will be further strengthened next year when Donald Trump’s administration assumes responsibility for the world’s largest economy.

Goyal told reporters that the government’s ‘Make in India’ drive over the last decade has led to the creation of world-class modern infrastructure for both domestic and foreign investors. Citing the country’s digital infrastructure as an example, he said India offers the cheapest data at 17 cents per gigabyte, while the global average in developed economies is between $3 and $7. He added that this is a big incentive for global companies to set up data centers in India.

The minister said that despite global adversities exacerbated by wars in West Asia and Europe, India will achieve record exports of around $800 billion by the end of the current fiscal year on March 31, 2025. He emphasized that the government continues to create the “right ecosystem” for exports of both goods and services. India managed to record a record exports of $776.68 billion in FY24.

Goyal said while making India self-sufficient is the key policy focus, India does not need to do everything, so India is focusing on “strategic sectors” and sectors where it has a competitive advantage.

When asked about US President-elect Trump’s recent statement promising to impose huge tariffs on imports from Canada, Mexico and China, Goyal said India and the US are happy with strong bilateral ties. “Prime Minister Narendra Modi, the world’s most popular leader today, has managed India’s international relations better than ever before. “He has worked with three administrations (Obama, Trump and Biden) in the USA since 2014,” he said.

“Mr Trump is a friend of India, he is a friend of Prime Minister Narendra Modi and I am sure this friendship will continue to evolve and grow further, as is evident from the various comments he has made so far,” Goyal said.

A Ministry of Commerce official, who requested anonymity, said the actual customs duty that India imposes on most products is below the limited rate. “Unlike some of the countries Mr. Trump has named, India believes in transparent and rules-based trade. Therefore, we do not foresee that there will be a major trade problem with the USA after the new government takes office. For other minor issues, both partners can always sit together and resolve them,” he said.

Under multilateral trade rules, cap rates are the binding level to which a country has committed and beyond which it cannot increase customs duties, and applied rates are the customs duties actually imposed on imports of certain products.

Speaking about the expected changes in US trade policies, Goyal said, “We should allow the new government in the US to come and take charge and express its official and official views. “But from my best understanding of the situation and my experience working with the Trump administration… I don’t foresee any problems.”