Piyush Goyal Highlights Global Trade Impact Amid Ukraine War and Israel Conflict

Piyush Goyal Highlights Global Trade Impact Amid Ukraine War and Israel Conflict

New Delhi - Union Minister Piyush Goyal, while inaugurating the Patsan Bhavan in Kolkata's New Town area, expressed optimism that India would achieve its ambitious USD 2 trillion export target by 2030. Despite facing challenges related to factors like the Ukraine war, Israel conflict, and Red Sea issues affecting global trade, Goyal emphasized the resilience of India's exports.

Addressing the impact of global conflicts on trade, Goyal acknowledged measures taken to address low food grain production and domestic inflation through restrictions. Despite these challenges, he affirmed India's commitment to growth, aiming for a substantial increase in exports from the current USD 770-775 billion to USD 2 trillion by 2030.

Highlighting the significance of the jute sector, Goyal referred to jute as the "fibre of the future" and stressed the need to expand and elevate its position. Noting that India produces over 50% of the world's jute, with more than half of it coming from West Bengal, he urged concerted efforts from the Centre, state governments, and the industry to achieve new heights.

Goyal, who oversees the portfolios of textiles and consumer affairs, food and public distribution, formed an "informal jute advisory group" to address sector-specific issues comprehensively and identify areas for improvement. Additionally, he encouraged industry players to enhance the current export value of around Rs 1,500 crore for jute.

As part of fostering growth in the jute sector, Goyal urged participation in Bharat Tex 2024, the world's largest textiles event scheduled from February 26-29 in New Delhi. This initiative aims to showcase jute products and further contribute to the sector's expansion and global recognition.

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