India's goods and services exports have already crossed $675 billion in last fiscal year and the country is now aspiring to take international trade to $2 trillion by 2030, Commerce and Industry Minister Piyush Goyal has said.

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Interacting with faculty, researchers, and students at the Stanford University in San Francisco, Goyal also said by the time India would celebrate the 100th anniversary of its independence, it would be a $30 trillion economy.

"...by 2047-2050 period, when India would be completing 100 years of Independence, we will be at least a $30 trillion economy on a business as usual scenario and possibly a $35-45 trillion economy if some of the aggressive plans that the government is putting together work well. That's the kind of opportunity that I bring to the table, Goyal said.

India, with a GDP of $3.3 trillion, is currently the fifth largest economy in the world only behind the US, China, Japan and Germany.

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A decade back, India was ranked 11th among the large economies while the UK was at the fifth position. With a 13.5 percent expansion in June quarter, the Indian economy has overtaken the UK, which has slipped to the sixth spot. Goyal said the government has spent the last few years laying the foundation on which the country can rapidly transform, grow its economy, improve its systems, and engage in technology.

We have recently seen some successes in terms of our international engagement growing to about $675 billion (exports of goods and services) for the first time ever last year. We are hoping to do our international trade to about $2 trillion by 2030, the minister added.

During April-August 2022-23, India's exports registered a growth of 17.12 percent to $192.59 billion. Imports during the five-month period grew 45.64 percent to $317.81 billion.

The trade deficit widened to $125.22 billion in April-August as against $53.78 billion in the same period last year. India's exports contracted by 1.15 percent to $33 billion in August due to subdued demand in developed markets.

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First Published:Sept 7, 2022 11:19 AM IST