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Goods and services exports may reach $1T each by 2030: Piyush Goyal

India’s goods and services exports are growing at a healthy rate and are expected to be around $1 trillion each by 2030, Commerce and Industry Minister Piyush Goyal said on Tuesday.

The country’s merchandise and services exports touched an all-time high of $422 billion and $254 billion, respectively, in 2021-22.

“My own estimates seem to suggest that we will converge (goods and services exports) by 2030… seven years from now at about $1 trillion of goods and $1 trillion of services (exports).

“That is the trajectory I can see which will mean merchandise doing 8-9.5% and services doing anywhere between 16-17%, Goyal said at an event in New Delhi.

The services sector, driven by the IT industry, has created a potential not only in terms of jobs, giving value to talent, but also providing India with an opportunity to showcase to the world its strengths, he added.

He also said that every country wants to invest in India because of its startup ecosystem.

“The world wants to engage with our Startups because of their integrity and transparency,” the ministry said.

During April-January this fiscal, goods exports rose by 8.5% to $369.25 billion and services exports are estimated to touch $272 billion this fiscal.

Edited by Suman Singh

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