‘India has navigated uncertainty very well, exports can be at the top of $ 870BN’: Piyush Goyal | Bharat News

Despite the global challenges, the Minister of Commerce and Industry Piyush Goyal The FTA is expected to export a new high level this year to scale. Encouraged by development, he tells Siddharth This investment is flowing in many areas. He is insisting on reviewing FTA ASEAN And is cautious on Japan and China. Part:Given global uncertainty this year, how much export growth is expected this year?In the last 11 years of the Modi government, India has well navigated uncertainty and instability. The total exports increased by a record $ 825 billion in 2024–25, increased by more than 6%, and maintained 5.8% CAGR in the last decade. We have seen a notable 20% CAGR in electronics during the last decade, and traditional areas such as engineering and pharmaceuticals have performed well. From 2019-20 to 2024-25, goods exports have seen CAGR of 6.9%despite the Covid period. From 2019 to 2023, as the country-wise data is available till 2023, the export of commercial services has registered a CAGR of 12%. Moving forward, we may be able to maintain an increase of 5–6% in goods, especially non-petrolum exports, while services can increase by 9–10%. If we can achieve that we are crossing $ 870 billion in the current year despite global problems. Our focus is more and more on the export of labor-intensive goods and services.How much will FTAS help?India has deepened its footprint with FTA with UAE, Australia, EFTA and UK, re -shaped the dynamics of our business. FTAs have an effect. With the UAE, the export of services in the last four-five years has almost doubled. In Australia, it is almost three times. We have also moved very well towards goods, at 25%in Australia’s case, we have crossed $ 8 billion, while we were exploding in the first $ 3 billion. The same is not true about the people signed during the UPA. The export of services to Japan is slowing down. We did not get very wide coverage in areas of interest for India. This is a tragic situation and I hope that our efforts to review will bear the fruits. Japan has not agreed to this and South Korea’s review is going on. Now, we sign the FTA after comprehensive stake consultation and for the Modi government, the national interest is paramount.The Modi government chose out of RCEP. In the Handsite, was it a sensible thing because many experts have still argued that India should have joined it?Prior to the decision, we held 200 consultations with stakeholders on RCEP and the benefits of joining it, only three suggested that we should join. PM Modi showed decisive leadership and sensitivity for our fishermen, farmers, industries and entrepreneurs. He admitted that it was nothing but FTA between India and China as we had compromises with others. We have signed ECTA with Australia and we should be able to finalize an agreement with New Zealand over the next few months. In a meeting with exporters this week, the issue came to light and none of them suggested that we should join.ASEAN FTA is being reviewed. Are you satisfied with speed or a feeling of despair?We can do much better and I hope that both Korea and ASEAN will recognize inequality in the FTA signed 15 years ago and make them more contemporary, fair, balanced and justified.Your recent comments on the ASEAN agreement shook a controversy. Are you seeing that Chinese goods and investment are rooting through some countries that are part of the block?When the United States announced its agreement with Vietnam, it focused on the transmission of goods from other countries. Every day we find cases of sub-standard goods coming, for export and hunter pricing to kill Indian industry. We are working on strengthening the make in India, supporting the Indian industry, wherever it is focusing on the Predtoi Tory Pricing and Quality Control Orders.Is China +1 focus in America?It is working on a two-dimensional strategy. Assuming that it may not disintegrate from China, it is also working on strengthening the supply chain.Are there opportunities for India?Apparently, India has been sought after the destination for investment, there are cooperation for technology. In the maritime field, India is recognized as a ship -making destination and the government is also coming up with measures to support it. The semiconductor is a success story of the Modi government. We have seen a significant increase in domestic value joints in areas where we offered PLI.Despite focusing on reducing imports from China, the trade deficit is near $ 100 billion. What is being done to check?During the 10 years of the UPA, India’s trade deficit with China increased by about 25 times, but has expanded 1.75 times between 2014–15 and 202324. We have managed to bring some proper control. Electrical equipment, machinery, organic chemicals and plastic are our major imports. Between 2019–20 and 2023-24, imports of these goods from China have increased, but there is also a uniform increase in exports, showing that many items imported from China are raw materials, inputs or capital goods that are used to make finished products in India.Is there reluctance to allow Indian goods in China?There are many non-tariff barriers, including language and procedural delay,. Many industries do not buy only from India when our products are competitive. Getting more market access is an area in which we are working with China through our embassy.From time to time, China has imposed restrictions, whether it is rare earth magnets, fertilizers or tunnel exports of boring machines, and recently remembered engineers. Nevertheless, there are demands from the Indian industry to raise some checks from China, on visas and on apps on apps.Given that the minister now has an association with China at the level, if China is ready to engage on proper terms on trade, India will be ready to talk and see how we can work towards more mutually beneficial and a fair trading system.Are conditions favorable for raising some checks?Only time will tell.There are signs of recession in the first quarter. As the minister in charge of the industry, what will be your strategy to accelerate the increase in the industrial sector?We are already watching an upper and rural demand has shown significant improvement. You can see a jump in the increase in the second half of the year. I have no difficulty in closing the year with an RBI’s 6.5% increase that will make us the fastest growing economy.Weak capex by the private sector is a major concern. When do you see improvement in investment?It varies in areas. There is a lot of interest in investing in areas that have domestic demand and import replacement, such as steel. There are plans to invest Rs 20 lakh crore in 10 years; Cement is a ever-green region as demand and production increases every year. Auto parts, sanitaryware are watching big investment and it is believed that Indian companies can compete with someone. There are some focus areas such as white goods, where the demand behind tax deduction is increasing very fast, the increase in income levels and the recent decrease in GST. The auto sector is growing rapidly and our efforts in electronics are showing results. Some investment in GCC cannot be fully occupied.While gross FDI flow has increased, remittances and external FDI have increased last year. How will you pursue overall FDI flow?With the outflow of investment, India is also building an asset base and its presence in various regions around the world, which will be our strength in the long run.What changes are you making in SEZ rules?There are some suggestions that will help SEZ units to increase the use of their capacity and to meet the demand being served by some of the FTA countries. We are working with the required departments, and we should be able to come up with changes by the end of the year.The quality control order has been a focus. When a section of the industry is objecting to them, what is the justification and profit?We are emphasizing the QCO to implement the vision of the PM of zero dosha-zero influence manufacturing. Technical rules have been strengthened to promote a strong quality ecosystem in India, increase product safety for consumers, prevent imports of inferior goods, protect the environment and attract investment. It acts as a elbow to produce quality products in India.How is progress on industrial corridors and when will you be ready with plan for 100 industrial parks?In Dholera, Shandra-Bidkin, Greater Noida and Vikram Eurogpuri, have been allocated over 4,200 acres and 76% of the developed industrial land are now subject to committed use. Each city is emerging as an industrial powerhouse: Dholera has emerged as a future crescent city of India, developing in an automotive and EV hub in Shandrabidkin in Maharashtra. Out of the 12 new projects approved by the government on August last August, tenders have floated and our goal is to achieve the ground activity initiated by Octnov. For industrial parks, the blueprint is in an advanced phase. They are proposed to be developed and implemented through independent special objective vehicles in cooperation between the centers, states and wherever they are applied. There will be a single window system for approval and plug-and-play infrastructure will be maintained.