KAKINADA: Foreign trade will be a truly defining feature that would help India become a USD 30 trillion economy in the Amrit Kaal over the next 25 years, Union Minister for Commerce and Industry Piyush Goyal said. Goyal, along with Union Finance Minister Nirmala Sitharaman, inaugurated the campus of the Indian Institute of Foreign Trade (IIFT) at Kakinada on Friday.
Asserting that the feat was achievable and doable, he said, “Indian economy has grown 11.8 times in terms of dollars in the last 30 years.Our current economy is about 3.5 trillion USD as against less than 300 billion USD three decades ago. We have reached that inflection point, we are at the cusp, where we are going to take off. If we have the ambition to grow at least ten times in the next 25 years...we are looking to cross the USD 30 trillion economy with a per capita GDP of 15,000 dollars.”
“Amrit Kaal, leading to the 100 years of Indian Independence, will determine the future of our children and generations to come. You are the main stakeholders in this journey,” Goyal told the students of IIFT.
Stating that India is a bright spot in the world today as other countries have slipped into recession, the minister said the world is seeking to engage with India because it is a growing economy.
“The world wants Free Trade Agreements with us. Political stability, decisive leadership and deft handling of the economy have made the world look up to India. As we go into a developed economy status, our imports and exports are going to increase manifold. We have to have seamless foreign trade, movement of goods and services,” he noted.
Exhorting the students of IIFT, he said, “Let’s make India the Viswaguru, the world super power once again.”It may be noted that Union Finance Minister Nirmala Sitharaman was instrumental in bringing the third branch of IIFT to the coastal city.
Speaking to the students, she emphasised on the need for field experiences, besides classroom activities.
Urging the students to widen their horizons, Sitharaman told them that she is not interested in copy paste advises, which has become a norm these days, but wants them to understand how India’s trade policies reflect the strength of Indian economy and protect its interests while negotiating trade deals.