Goods And Services Exports May Touch $1 Trillion Each By 2030, Says Piyush Goyal According to reports, the country's merchandise and services exports touched an all-time high of $422 billion and $254 billion, respectively, in 2021-22

Commerce industry minister Piyush Goyal, on Tuesday, has said that India's goods and services exports are expected to be around $1 trillion by 2030, according to a PTI report.

"My own estimates seem to suggest that we will converge goods and services exports by 2030...seven years from now at about $1 trillion of goods and $1 trillion of services exports. That is the trajectory I can see which will mean merchandise doing 8- 9.5% and services doing anywhere between 16-17%," said Goyal in a statement.

The report further stated that the country's merchandise and services exports touched an all-time high of $422 billion and $254 billion, respectively, in 2021-22.

Goyal further reportedly noted that the services sector, driven by the IT industry, has created a potential not only in terms of jobs, giving value to talent, but also providing India with an opportunity to showcase to the world its strengths.

"The world wants to engage with our startups because of their integrity and transparency," he said while adding that every country wants to invest in India because of its startup ecosystem.

Furthermore, Goyal said that India would soon touch the mark of being a $5 trillion economy and said that it would emerge as the third largest economy in the world by 2027-28. According to him, by 2047 India will be a developed economy with a $32 trillion economy where every last citizen would have a quality of life.