Trade outlook: Goyal expects 6% export growth in 2025; 'from $4 trillion economy to a $30 trillion-plus economy'

Union commerce minister Piyush Goyal on Wednesday said that he expects India’s exports to rise by around 6% this year as compared with 2024.Speaking to reporters, Goyal highlighted India’s strong global trade performance despite challenges and said talks on free trade agreements (FTAs) were progressing with several countries."India's exports would grow by around 6% this year compared to the corresponding period last year. I believe we will end the year on a positive note," the minister said."India's growing strength and the fact that we will be moving in the Amritkal from a $4 trillion economy to a $30 trillion-plus economy clearly show that India is the place to do business. The world would like to work closer with India," he said adding that the world would like to work closer with India.He also pointed to the country’s improving domestic conditions. "We have recently come out with the lowest unemployment data at 5.1%," he said, emphasising that domestic growth and international engagement are supporting each other.Addressing concerns about unemployment, Goyal said India offered plenty of opportunities. "It may be very attractive to keep saying that there is unemployment. However, when I met Larsen and Toubro, they told me they were unable to complete projects on time because they do not get enough workers.

In fact, L&T's IT company is also looking for people," he noted.Goyal said that India, the fastest-growing large economy, along with new infrastructure and higher consumer demand under GST 2.0, will boost investment, create jobs, and grow trade and industry.Several countries were actively seeking FTAs with India, the minister was cited by PTI as saying. "With the European Union, we had good discussions in the last round.

Their two commissioners of agriculture and trade visited Delhi, and the discussions made rapid progress. We may have another virtual or physical round soon. EU President Ursula von der Leyen and Prime Minister Narendra Modi guided us to complete the negotiations by year-end, and we are continuing to work towards that goal," he said.Goyal highlighted India’s FTA with the UAE, calling it the world’s fastest free trade agreement, PTI reported. Goyal said, "We negotiated, finalised, and signed it in 88 days. Ever since, our exports to the UAE have been growing rapidly. Over 25 lakh Indians live there. I am going for a high-level task force investment dialogue and will meet several investors. Textiles, marine, leather, and pharmaceuticals are particular areas where we are looking for trade expansion and diversification."He described the UAE as a "gateway for the African region, the Gulf, and Eastern Europe" and a key partner for India. "There is a lot of investment interest from the UAE into India. I am very confident that this partnership will only strengthen further," he added.Goyal said similar FTA talks were underway with Peru, Chile, New Zealand, Oman, and other countries. "It is an ongoing process. Many countries want to start discussions on FTAs because India has immense potential," he said.