Union Commerce & Industry Minister Piyush Goyal sounded bullish on the forthcoming trade talks with the Trump administration, promising a “mother-of-all” bilateral trade deals with the US soon.
PM Modi had said early this month that the US and India have set a target of doubling their bilateral trade to $ 500 billion by 2030 and negotiate the first tranche of a mutually beneficial, multi-sector bilateral trade agreement (BTA) by the fall of 2025. During 2021-24, America was the largest trading partner of India.
India’s exports have seen a historic rise, reaching $ 778.21 billion in 2023-24. This marks a 67% increase from $ 466 billion in 2013-14. The growth reflects India’s expanding role in global trade, driven by strong performances in both merchandise and services exports, according to official statistics.
In 2023-24, merchandise exports stood at $ 437 billion, while services exports contributed $ 341 billion. Key sectors like electronics, pharmaceuticals, engineering goods, iron ore, and textiles played a big role in this surge. The US is one of the few countries with which India has a trade surplus.
India’s annual exports have hit $ 800 billion, the union minister said, while adding that the growth story would continue unhindered, and the figure would touch $2 trillion over the next 5-6 years on the back of several booming sectors.
Goyal highlighted the growth opportunities in Kerala and the country and urged investors not to miss the bus (rather boat!)! and with respect to the state.” Those who miss the boat may be left at the shore while others will sail with tailwinds of growth, progress and prosperity that India offers…Kerala offers unique opportunities in every sphere including tourism, manufacturing & logistics!