$5 trillion economy: ‘India must become export-oriented to reach goalpost’

New Delhi: Nitin Gadkari, Minister of Road Transport and Highways and MSMEs, said on Friday that India will have to become an export-oriented nation in order to realise the $5 trillion economy dream. Speaking at the 92nd Annual Convention of FICCI, Gadkari said, "We are importing goods which can be produced in the country itself," and stressed on reducing dependence on imports.

He urged the industry to use the best technologies of the world and help India in cutting imports and becoming more export-oriented.

$5 trillion economy goal will require India to cut imports

Gadkari pointed out that Indian exports contribute only 2.6 percent to the global trade, as compared to China, which leads with a share of 17 percent. He said that the problem on the trade front which China is currently facing is a "blessing in disguise" for India, which can increase the share of its exports in world trade to 8-10 percent. This is important for the realisation of the goal, he said.

India has a glorious future: Piyush Goyal

Minister of Commerce & Industry Piyush Goyal, on the other hand, said that with the combined effort of industry and all stakeholders of the economy, the target of India becoming a $5 trillion economy is doable. Goyal said, "If we all accept our power, positions as a greater responsibility to a better and brighter future to all Indians. I think there is no doubt in my mind that India has a glorious future. The $5 trillion economy is doable, is possible and shall be done. That's our commitment to each one of you."

Goyal said that every downturn is a great opportunity for businesses to prepare for better time. "Once we become engaged and care for the rest of the industry, India will be unstoppable. It is the best place to invest in. It's the place, where you get both, a competitive edge, and a huge domestic market aspiring for a better quality of life," added Goyal.