Union Minister of Commerce and Industry, Shri Piyush Goyal Calls for Greater FTA Utilisation by Telangana

Exam-ready takeaways

1. Congratulating the Chief Minister of Telangana, Shri A. Revanth Reddy, on convening the summit, Shri Goyal said the State’s ambition to become a $3 trillion economy by 2047 was achievable through collective efforts by the Central Government, State Government, industry, investors and citizens.
2. With negotiations underway for another eight bilateral or multilateral agreements, which he said would add a further $15 trillion, India would have preferential market access covering approximately 76 per cent of the global GDP of $115 trillion.
3. Against this backdrop, India set a target of $1 trillion in exports, aiming for 15 per cent growth in the current year.
4. Emphasising the collective responsibility towards Viksit Bharat 2047, Shri Goyal said the country’s journey towards shared prosperity required the collective drive and energy of 1.4 billion Indians.
5. Referring to Telangana’s aspiration to grow from an economy of approximately $200 billion to $3 trillion by 2047, he welcomed the target set by the state government.