India Confident of Hitting $1 Trillion Export Target This Fiscal: Piyush Goyal

Goyal said reaching the target would require nearly 16 per cent growth at a time when global trade is projected to expand by only around 2.5-3 per cent. He noted that the global economy remains exposed to various shocks, with worldwide growth expected to remain below 3 per cent.

"India began building bridges when the world was building walls," Goyal said while addressing the curtain raiser event for the 31st CII Partnership Summit.

He said the $1 trillion export ambition was not solely a government target but a collective goal involving India's businesses and people. He highlighted the contribution of around 63 million micro, small and medium enterprises, large and small industries, global capability centres and approximately 2.5 lakh startups.

The minister also referred to the Reserve Bank of India's upward revision of its growth projections and said India is expected to maintain growth of more than 7 per cent, retaining its position as the fastest-growing major economy.

Goyal also highlighted Prime Minister Narendra Modi completing 25 years as head of government, describing the period as 25 years of continuous public service. He said the government's efforts during this period have been focused on strengthening India and working towards the country's emergence as a developed nation by 2047.

He said the collective resolve of 1.4 billion Indians is being channelled towards the goal of making India a developed country by 2047 and meeting the aspirations of future generations.

Referring to the 10th edition of the India Mobile Congress, Goyal said Modi had highlighted the economic impact of the Digital India initiative, noting that the programme had resulted in savings of more than Rs 5 lakh crore, or over $55 billion, for the country over the past 12 years.

Goyal said the Prime Minister had consistently opted for reforms rather than easier alternatives. He cited the implementation of the Goods and Services Tax, which brought multiple tax structures under a common framework, and the integration of regional electricity grids into a single national grid as examples of the government's reform approach.