London: Commerce and Industry Minister Piyush Goyal on Friday urged Indian businesses to move beyond the mindset of celebrating modest export growth, warning that incremental gains will not be enough to achieve India’s global trade ambitions.
Addressing a Business Plenary Session in London, Goyal said Indian exporters must avoid becoming complacent with annual growth rates of 5 to 10 per cent, arguing that such performance merely matches global trade expansion and does not reflect India’s true potential.
“Very often, in our cosy comfort, we lose track, and we get into the typical rut of claiming success when we have 5–7–10 per cent growth,” Goyal said, noting that global trade generally grows at around 4 to 5 per cent annually.
He emphasised that India cannot afford to be satisfied with incremental gains if it wants to emerge as a major trading power. According to the minister, the country must target transformational growth by expanding its presence in global markets and leveraging new trade opportunities.
Goyal said India has only “barely scratched the surface” of its export potential in the United Kingdom and stressed that Indian businesses should focus on improving scale, quality, mechanisation, branding and packaging to become more competitive internationally.
The minister highlighted the importance of comprehensive free trade agreements in opening new opportunities for Indian exporters. He said India’s expanding trade partnerships should encourage companies to think bigger and pursue larger market shares in key economies such as the UK.
According to data from the UK Office for National Statistics, Britain’s total trade in goods and services amounts to nearly £900 billion annually, while bilateral trade between India and the UK currently stands at approximately £45-60 billion. The figures indicate that India still accounts for a relatively small share of the UK’s overall trade basket despite steady growth in recent years.
Goyal’s remarks come ahead of the implementation of the India-UK trade agreement, which is scheduled to come into effect on July 15. The agreement is expected to provide greater market access and create fresh opportunities for businesses in both countries.
(IANS)
