Commerce Minister Nirmala Sitharaman recently said that India should reach 3.5% of the total global trade by 2020 from its current share of 2%. “Our share is 2% of the total global trade. We want to reach 3.5% by 2020 for being valued globally,” Sitharaman said at the Federation of Indian Chambers of Commerce and Industry (Ficci) AGM.
“The increase in trade needs to be achieved by exporters, various segments who have strength, units who aspire to be a part of the global value chain,” she added. Sitharaman said now was the time when engagement has to be across the board in the industry to increase participation in the global trade.
“India needs to open up for complying to the global trade. Infrastructure investment is a top priority to aid employment and entrepreneurship”, Sitharaman added. “Exports, which contribute 7.5% of our Gross Domestic Product, need to be pushed further,” she said.