India will leap from $3 trillion to $30 trillion financial system “very soon”, minister says

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Aerial view of Mumbai, India: Reuters file photograph

India would turn out to be a 30 trillion dollar economic system from the level of a 3 trillion dollar economic system very quickly, Commerce and Industry Minister Piyush Goyal has stated.

For this, the Indian government has been “aggressively addressing all the structural issues including tariff barriers, issues in taxation and global competitiveness,” he stated whereas inaugurating a textile fair in Coimbatore, Tamil Nadu, on June 25.

Goyal stated India was working actively with totally different nations to finalize free trade agreement that may give zero duty access to the Indian textile sector in the world market, our New Delhi correspondent reports.

Goyal suggested all stakeholders within the worth chain attempt hard, stand united and thereby turn into the most important manufacturing nation in the world.

He stated that from farm to fabric, material to completed products, finished products to style products, after which lastly to overseas products, India has a significant share in the whole value chain.

The commerce minister stated India has already finalized two FTAs ​​with Australia and the UAE and was negotiating with the UK, Canada, and EU. These FTAs ​​will profit textile business hubs like Coimbatore and Tirupur within the southern state of Tamil Nadu, he added.

He stated the Indian government is promoting each cotton and man-made textile sector in order that it will get a bigger share of the world market, thereby growing job opportunities in addition to investment.

“In all sectors, we want to become a global industry. We want to capture the world market,” Goyal stated.

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