Tuesday, November 29, 2022
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Tuesday, November 29, 2022
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India To Become $30 Trillion Economy Soon, Aims To Capture World Market

On June 26, Union Minister Piyush Goyal stated that India intends to dominate the global market in all areas and that it will “very soon” grow from its current $3 trillion GDP to $30 trillion.

According to an official statement, the Minister for Textiles, Commerce, and Industry claimed that the domestic textile industry has a great deal of potential to create jobs in the coming years and that the Centre is actively negotiating with various nations to complete a free trade agreement (FTA), which will grant India’s textile industry duty-free access to the global market.

Speaking at a gathering in Coimbatore, Mr. Goyal emphasized that the Center is supporting both the cotton and man-made textile sectors in order to increase their global market share and, in turn, the number of jobs and investment opportunities.

“We want to build a worldwide industry across all areas. We intend to dominate the global market,” he declared, noting that the Center, acting under the Prime Minister’s direction, is actively negotiating with several nations to complete a free trade agreement that will grant the global textile market duty-free access. The PM’s positive relationships with world leaders are the reason why India is now respected internationally.

Mr. Goyal emphasized that the Center is encouraging both the cotton and man-made textile sectors to increase their global market share, which will increase job opportunities and investment. This was said during the opening of SIMA Texfair 2022 in Coimbatore.

According to Mr. Goyal, manufacture of textiles, pumps, wet grinders, and other vital components will move to Tamil Nadu, which will help the country’s economy expand. In order to attain $440 billion in exports, Mr. Goyal emphasized the several policy steps done by the government and the sector.

He predicted that the nation’s economy will quickly grow to $30 trillion from its current level of $3 trillion. The administration has been vigorously tackling all structural difficulties, such as tariff barriers, issues with taxation, lack of global competitiveness, etc.

The Minister urged everyone involved in the value chain to work hard, stick together, and eventually overtake the United States as the world’s top manufacturer. He extended an invitation to all upcoming young and female business owners to make investments and contribute to the development of the country.

The Minister of Defence announced intentions to produce uniforms for the country’s military, adding, “We have decided to promote SITRA (Supply of Improved Tool-Kits to Rural Artisans) so that they may produce more defense-related goods that would serve our jawans at the border. Instead of being imported, the uniforms would be made in India. For some products, some clinical studies are necessary. As part of the National Technical Textile Mission, I have pledged to support this. They’ll submit a proposal soon, he predicted.

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