Indian Economy News

All indicators show that India's economy is on the growth path: Goyal

Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal said that all of the important indications, including the increase in exports and strong GST collection in April, indicate that the country's economy is on the rise.

He stated that goods and services exports have reached US$ 675 billion in 2021-22, while GST (Goods and Services Tax) collection in April reached an all-time high of almost Rs. 1.68 lakh crore (US$ 21.90 billion), up 20% from the previous year. He also pushed project exporters to diversify and expand into developed-world markets, rather than limiting themselves to government-backed line-of-credit projects and projects in developing countries.

He stated that the country's aim of US$ 1 trillion in goods and services exports by 2030 would be met with the collaboration of all stakeholders. Furthermore, he asked the banking sector to shed the sector's conservative approach and be willing to take some risks. According to him, India possesses all of the required components to become a global player in project exports, and the world has recognised the critical need of investing in infrastructure.

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