Commerce and Industry Minister Piyush Goyal advised Indian businesses to aim for more significant export growth rather than settling for modest increases. Speaking at a Business Plenary Session in London, Goyal emphasized the need to surpass the typical 5 to 10 per cent annual growth rates. He stressed that India’s true potential goes beyond these incremental gains and requires a more ambitious approach to global trade.
Goyal highlighted the importance of not being content with small progress if India aims to establish itself as a major trading force. He urged Indian exporters to focus on enhancing their presence in global markets and seizing new trade opportunities for substantial growth. Goyal emphasized the need for Indian businesses to enhance their scale, quality, mechanization, branding, and packaging to boost competitiveness internationally.
The minister pointed out that India has only scratched the surface of its export potential in the United Kingdom. He urged Indian companies to strive for larger market shares by improving various aspects of their operations. Goyal also stressed the significance of comprehensive free trade agreements in creating new avenues for Indian exporters to expand their reach globally.
Goyal’s comments precede the upcoming India-UK trade agreement, set to be operational from July 15. This agreement is expected to enhance market access and generate fresh prospects for businesses in both countries.
