IGI Logo

Union minister Piyush Goyal has said that India is aiming to achieve the $2 trillion export target by 2030 and in the process it is moving this industry out of the government support to make it self-sustaining and cost competitive. Addressing Infinity Forum 2.0 virtually at Gujarat Finance Tec-City (GIFT City), he said the International Financial Services Centre (IFSC) at GIFT City has become a lynchpin in propelling India's export-led growth. He noted that GIFT City will play a pivotal role in powering India's exports to $2 trillion by 2030, and then onwards to up to $10 trillion that it envisages to see by 2047. 

The minister further said ‘during the next 2-3 decades we hope to see sustained, inclusive growth, during which we are confident of offering sustainable and inclusive development for every single person in the country. In that story, our international engagements will play a very important role’. He said India's target of crossing a $1 trillion economy in the next three years, having $1 trillion of merchandise and $1 trillion of service--collectively $2 trillion of exports by 2030- will have a massive impact on the country's economy. He stated that this export-led growth will create jobs and work opportunities for youth, give a boost to 'Make In India', further opportunities to Start Up India vision, and encourage new innovators to come up with brilliant ideas.

He further said this will have a huge impact on India's macroeconomic fundamentals, with a stronger infusion to $600 billion foreign kitty, further strengthening its positioning both as a global economy and ensuring its fast-track growth.  He said IFSC, in the coming years, will become a big source both for finance and insurance and other aspects of India's growth story. He added that GIFT City can play a very important role in three areas -- global finance and accounting, export of educational services, and consultancy and advisory services.