India targets $2-trn intl trade by 2030: Goyal

San Francisco: India's goods and services exports have already crossed $675 billion in last fiscal year and the country is now aspiring to take international trade to $2 trillion by 2030, Commerce and Industry Minister Piyush Goyal said.

Interacting with faculty, researchers, and students at the Stanford University here, Goyal also said by the time India would celebrate the 100th anniversary of its independence, it would be a $30 trillion economy. "By 2047-2050 period, when India would be completing 100 years of Independence, we will be at least a $30 trillion economy on a business as usual scenario and possibly a $35-45 trillion economy if some of the aggressive plans that the government is putting together work well. That's the kind of opportunity that I bring to the table," Goyal said.

India, with a GDP of $3.3 trillion, is currently the fifth largest economy in the world only behind the US, China, Japan and Germany. A decade back, India was ranked 11th among the large economies, while the UK was at the fifth position. With a 13.5 per cent expansion in June quarter, the Indian economy has overtaken the UK, which has slipped to the sixth spot.

"We have recently seen some successes in terms of our international engagement growing to about $675 billion (exports of goods and services) for the first time ever last year. We are hoping to do our international trade to about $2 trillion by 2030," the minister added. During April-August 2022-23, India's exports registered a growth of 17.12 per cent to $192.59 billion.