Ukraine war, Israel conflict impacting global trade: Piyush Goyal

Union Minister Piyush Goyal on Saturday expressed hope that the country will meet its ambitious USD 2 trillion export target by 2030. The Union Commerce and Industries Minister was speaking at the inauguration of the Patsan Bhavan, which houses the Jute Commissioner’s office and headquarters of Jute Corporation of India and the National Jute Board, in Kolkata’s  New Town area .

According to him, the Ukraine war, the Israel conflict and issues related to the Red Sea are among the factors which are impacting trade. “To address low food grain production and curb domestic inflation, we have implemented restrictions. However, despite all these challenges, India’s exports will continue to grow, aiming to reach USD 2 trillion by 2030 from the current USD 770-775 billion,” said Goyal.

“Jute is fibre of the future… we need to expand the jute sector and give it the place it deserves. India produces more than 50 per cent jute in the world, out of which over 50 per cent is produced in West Bengal,” he said.

“With contribution from the jute sector and concerted efforts from the Centre and state governments, we can achieve new heights.” the  Union minister added. India currently exports around Rs 1,500 crore worth of jute. Goyal, who also holds the portfolios of textiles and consumer affairs, food and public distribution, urged industry players to increase the figure.

Goyal also formed an “informal jute advisory group” to comprehensively address issues concerning the sector, as well as identify areas for improvement, the sources said.

He also asked the jute sector to showcase products at the upcoming Bharat Tex 2024, the world’s biggest-ever textiles event, to be organised from February 26-29 in New Delhi.