Trade deals unlocking 76% of global GDP for India: Goyal
What's the story
Commerce and Industry Minister Piyush Goyal has said that India's growing network of trade agreements could significantly boost economic growth, attract investments, and create jobs. He was speaking at The Hague in the Netherlands. Goyal emphasized that preferential market access via these deals, would cover economies accounting for 76% of global gross domestic product (GDP) in the next 12-18 months.
Economic prospects
Goyal calls India world's fastest-growing large economy
Goyal highlighted India's demographic advantage, expanding middle-class market, and tech capabilities as key factors that make the country an attractive destination for global businesses.
He said, "We have a 1.4 billion young, talented, and aspirational population."
He also called India the world's fastest-growing large economy with growth prospects that would create substantial opportunities across sectors.
Future growth
Economy to grow from $4T to $30T in next 22-years
Goyal projected that India's economy could grow from some $4 trillion to $30 trillion in the next 22 years.
He said, "We are an economy which is the world's fastest-growing large economy based on rules, not on unfair trade practices."
He also said that India will be the biggest opportunity the world has ever seen in such a short span of time.
Market expansion
Trade agreements will provide preferential access to global economy
Goyal said India's trade agreements would give preferential access to a growing share of the global economy.
He added this would provide opportunities for domestic businesses to expand their exports and participate in international supply chains.
"Over the next year to a year and a half, it will become $85 trillion out of $115 trillion, meaning 76% of global GDP will be open to preferential access for goods and services from India," he said.