India is betting big on global trade this year. Despite global challenges, Piyush Goyal believes India is on track to hit a record-high export number in 2025.
In an interview with The Times of India, the Commerce and Industry Minister said total exports could cross $870 billion. That’s a strong jump from last year’s $825 billion.
The big shift? India is focusing more on value-added, labour-rich goods and services. That means more electronics, more pharma, more engineering—and more jobs.
FTAs are doing the heavy lifting
Piyush Goyal pointed to recent free trade agreements (FTAs) with countries like the UAE and Australia. These deals are already delivering results.
Exports to the UAE have nearly doubled in 4–5 years. With Australia, services exports tripled. “Earlier we were stuck at $3 billion. Now we’ve crossed $8 billion,” Goyal said.
On the other hand, Goyal criticised FTAs signed during the UPA years. He said India didn’t get enough in key sectors. “Japan has not even agreed to review,” he noted, adding talks with South Korea are still on.
No to RCEP, Yes to Self-Respect
India walked away from the China-backed RCEP in 2019. Goyal defended that decision.
“Only 3 out of 200 stakeholders wanted India in it. It was basically a China deal,” he said.
He credited PM Modi for putting Indian farmers and entrepreneurs first.
Trade with China still a risk
India’s trade gap with China is still big, nearing $100 billion. But Goyal said it’s more controlled under Modi.
“Under UPA, the deficit grew 25 times. Under us, it’s only 1.75 times,” he claimed. He also said a lot of imports from China are raw materials or machines used in Indian factories.
India is China+1’s favourite
As companies look to move away from China, India is grabbing attention.
Goyal highlighted growth in sectors like shipbuilding, semiconductors, and EVs. Projects like Dholera and Shendra-Bidkin are turning into new industrial hubs.
Out of 4,200 acres developed in four major zones, 76 percent is already booked.
Rules, reforms and recovery
India is planning 100 new industrial parks with ready-to-use setups. Goyal said quality control rules are being pushed to stop cheap imports and promote “Made in India” goods.
Reforms in SEZ rules will also help increase local production and reduce dependence on FTAs.
Private investment is bouncing back. Rural demand is rising. Sectors like steel and cement are seeing solid growth.
“We may still hit RBI’s 6.5% growth target and stay the world’s fastest-growing economy,” Goyal said.
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