India aspires to reach 3.5% of global trade by 2020: Nirmala Si

India aspires to reach 3.5% of global trade by 2020: Nirmala Si
India aspires to reach 3.5% of global trade by 2020 Nirmala Sitharaman

NEW DELHI: Commerce Minister Nirmala Sitharaman on Saturday said that India should reach 3.5 per cent of the total global trade by 2020 from its current share of 2 per cent.

“Our share is 2 per cent of the total global trade. We want to reach 3.5 per cent by 2020 for being valued globally,” Sitharaman said at the 89th annual general meeting of Federation of Indian Chambers of Commerce and Industry (Ficci) here.

“The increase in trade needs to be achieved by exporters, various segments who have strength, units who aspire to be a part of the 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.

“Exports, which contribute 7.5 per cent of our Gross Domestic Product, need to be pushed further,” she said.

India aspires to reach 3.5% of global trade by 2020 Nirmala Sitharaman