‘India Will Become $5T Economy in 2 years’

Commerce and Industry Minister Piyush Goyal also said that 13 crore people came out of poverty in the country during a five-year period….reports Asian Lite News

Commerce and Industry Minister Piyush Goyal has said that in the next two and a half years, India will become a USD 5 trillion economy while addressing media persons at the launch of the E-Commerce Export Handbook for MSMEs at an event in New Delhi.

Goyal said that Prime Minister Modi has rightly guaranteed the nation that India will become the third largest economy in the world by 2027. In fact, in two and a half years, the Indian economy will cross the USD 5 trillion mark, which will itself become a landmark achievement.

“We are slated to cross the USD 5 trillion mark over the next two and a half years and also become the third largest economy in the world,” said the minister.

Responding to a question on the Red Sea disruption, Goyal said that there is no immediate impact reported on trade due to the conflict. “Rice exports have been impacted, but more details on sectors will be known in December’s trade data.”

Goyal said that the new year is coming and we have very ambitious targets for export. “The Indian economy has seen tremendous resilience and outstanding results in terms of our ability to continue to be the fastest-growing large economy in the world, with low inflation and a high rate of growth.”.

Earlier, Santosh Sarangi, Director General for Foreign Trade, said that India is one of the biggest users of smartphones and our internet penetration has been very high. “From that point of view, India’s ability to leverage e-commerce is also extremely high. India is well poised to take advantage of e-commerce benefits.”.

“This handbook, which was launched today, will help in promoting e-commerce exports. This book encourages MSME to get set and start exporting, he said.

‘13 Cr came out of poverty in 5 yrs’

Goyal also said that 13 crore people came out of poverty in the country during a five-year period.

The Minister said the Indian economy has seen tremendous resilience with “low inflation” and “a high rate of growth.”

The minister also said that the Union government has set ambitious targets for exports for the new year.

“With the new year, we have very ambitious targets for export. The Indian economy has seen tremendous resilience and outstanding results in terms of our ability to continue to be the fastest-growing large economy in the world, with low inflation and a high rate of growth. There is significant stability of our Indian currency,” the minister for commerce and industry said.

Citing a NITI Ayog report, the minister said, “With inclusive growth, 13 crore people came out of poverty in a five-year span.”

“A rapidly growing middle class is leading to greater demand for goods and services, the minister added.

“We will focus on exporting in areas like processed food, Shri Anna and other agricultural products. 30 million Indian diaspora live in the world,” the minister said, adding that Indian food products are today very much consumed by foreigners across the world.

This handbook, which was launched today, will help in promoting e-commerce exports. “This book encourages MSME to get set and start exporting,” the minister said.

The minister said,” The handbook will be a one-stop shop, giving what, where, when and how to promote exports through e-commerce.” (ANI)

‘Developed Nation in 25 Years’

External Affairs Minister S Jaishankar on Thursday highlighted ongoing development in India and asserted that the Indian government’s efforts are aimed at making India a successful and developed country in the next 25 years.

“You can see our effort is to ensure that in the next 25 years, we are successful and become a developed country. A developed country doesn’t just mean a developed economy, it is also a country which is aware, conscious and proud of its traditions, heritage and culture,” he said.

While interacting with the Indologists in St Petersburg, EAM Jaishankar added, “Today when you look at India, we are an economy, which is approaching 4 trillion dollars. If you look at how digital India has become, if you look at the pace of change, including in education… Today, for the last ten years in India, every day two new colleges are established. So that is the pace where education is concerned and it’s not just in education.”

Jaishankar also highlighted the importance of people-to-people connections and noted that Indology is beyond knowledge, scholarship and culture.

He said, “Given the state of the world geopolitical state of the world, it is today particularly important that we have a direct understanding of each other than other countries or societies and other nations. To me Indology is something, beyond knowledge and scholarship, beyond culture and tradition…It’s an effort and investment to directly understand the very important society.”

He added, “Part of it is communication, relationship building, understanding each other…we speak today of a multipolar world, so there is a rebalancing in the world. It’s not a world that is dominated by a few countries, societies, and traditions. In this rebalancing, it is also important…to develop International relations with Indian characteristics is my major preoccupation.”

Earlier yesterday, in a meeting with President Vladimir Putin, External Affairs Minister S Jaishankar underscored the significant progress in India-Russia bilateral trade, surpassing USD 50 billion.

Jaishankar emphasised the potential for further growth and the need to give the trade relationship a more sustainable character.

“I would like to highlight the progress we have and trade, which is in excess of a turnover of USD 50 million, and we believe that this is something whose potential is now only beginning to be visible. It is important that we give it a more sustainable character, and we discussed how we should do that,” said Jaishankar.

Moreover, President Vladimir Putin extended an invitation to Prime Minister Narendra Modi to visit Russia next year.

“We will be glad to see our friend, Prime Minister Modi in Russia,” Vladimir Putin said during a meeting with External Affairs Minister S Jaishankar at the Kremlin.

Jaishankar arrived in Moscow on Sunday for a four-day visit to Russia from December 25-29. After he arrived in Moscow, Jaishankar said he looked forward to his engagements in Russia. (ANI)

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