Exports likely to record reasonable level of growth in 2022-23: Mr. Piyush Goyal
- IBEF
- July 13, 2022
Despite global trade uncertainty, the country's exports are expected to expand at a "reasonable rate" in the current fiscal year, according to Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr. Piyush Goyal. When asked if estimates like US$ 450 billion or US$ 500 billion in goods exports in 2022-23 appear ambitious in these circumstances, he said the ministry has not yet reached a definitive figure or an export objective for the current year and is in discussions with all stakeholders on that.
He stated, In these difficult circumstances, the fact that India has fundamentally prepared itself and enhanced its core preparedness and competence to boost exports is significant. As a result, a decent degree of increase from last year may still be anticipated. According to preliminary official statistics, India's merchandise exports increased 16.78% year on year to US$ 37.94 billion in June, but the trade imbalance increased to a record high of US$ 25.63 billion due to a sharp increase in gold and crude oil imports.
In response to the new foreign trade policy (FTP), He stated that the ministry is gathering input from all sources in order to issue a "robust" strategy. He stated that the government is assisting aspirational districts and northeastern states, as well as recognising the distinctive goods of each district that can be sold both in India and beyond.
On the proposal to restructure the commerce ministry, he stated that the ministry has been working for the past few months to design it on a more forward-looking pattern where trade promotion for goods and services becomes an integral part of its activities, as the government looks to increase goods and services exports to US$ 2 trillion by 2030.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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