New Delhi, Oct 30 — India will have preferential market access covering approximately 76 per cent of the global GDP of $115 trillion, with negotiations underway for another eight bilateral or multilateral agreements, which would add a further $15 trillion, according to Commerce and Industry Minister Piyush Goyal.
Addressing the curtain raiser of the ‘Invest Telangana Global Summit’ here, the minister congratulated Chief Minister A. Revanth Reddy, saying the state’s ambition to become a $3 trillion economy by 2047 was achievable through collective efforts by the Central Government, State Government, industry, investors and citizens.
Goyal said India’s existing trade agreements had provided preferential market access to a global GDP of $70 trillion, including $10 trillion through agreements finalised more than a decade ago and an additional $60 trillion through the nine recently finalised agreements.
He noted that the IMF had projected global trade growth of barely 1.9 per cent amid global challenges. Against this backdrop, India set a target of $1 trillion in exports, aiming for 15 per cent growth in the current year. He said the target reflected the collective conviction of exporters, industry associations, and businesses to surpass conventional forecasts.
Highlighting India’s economic performance, Goyal said the country had moved from the “Fragile Five” a decade ago to the world’s fifth-largest economy and the fastest-growing large economy. He cited growth of 7.7 per cent in the previous year and 7.8 per cent in the first quarter of the current year, expressing the expectation that growth would remain above 7 per cent in the quarter ending September.
Referring to Telangana’s historical trading traditions, Goyal recalled the Motupalli Abhaya Shasana, a maritime charter issued in 1244 by Kakatiya ruler, Ganapati Deva, which promoted stability and predictability in trade. He drew parallels with the present, noting that investors continue to seek certainty and continuity in policy.
Referring to Telangana’s aspiration to grow from an economy of approximately $200 billion to $3 trillion by 2047, he welcomed the target set by the state government.
“Impossible doesn’t exist in my dictionary,” Goyal said, acknowledging that achieving the target would require considerable collective effort. He said the Central Government, State Government, businesses, investors, farmers, fishermen, technical manpower, scientists, innovators, startups, women entrepreneurs and officials would all have to contribute to the State’s development.
Goyal said Telangana is well positioned to contribute to the Viksit Bharat vision through its pharmaceutical industry, aerospace and defence capabilities, value-added agriculture, food processing, research and development, innovation and services sector. He also highlighted the opportunities presented by global capability centres, design and innovation, and the State’s talent in artificial intelligence and quantum computing.
He called for taking GI-tagged products such as Tandur red gram, Chatpata chilli and Nizamabad turmeric to global markets, stressing the need for traceability, packaging and branding to help farmers secure a premium for their produce.