Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr. Piyush Goyal announced that the country's merchandise and services exports are expected to exceed US$ 760 billion in the current fiscal year, ending March 31, 2023. At the ASSOCHAM Annual Session 2023, Mr. Goyal noted that despite the global economic downturn, rising inflation, and high-interest rates, India is doing well. He also added how exports increased from US$ 500 billion in 2020-21 to US$ 676 billion in 2021–22.
He emphasised that throughout the past nine years, the Modi administration has concentrated on laying the groundwork required for an economy to experience years of continuous and sustainable growth. India is becoming more cost-competitive due to a number of government initiatives, including PM Gati Shakti, massive investments in infrastructure and logistics, and technology innovation.
The minister also stated that the Free Trade Agreements (FTAs) with the UAE and Australia have been well received by the industry. He underlined that the rapidity with which India's FTAs were negotiated did not come at the expense of sacrificing the quality of the agreements and that it was done after extensive stakeholder consultation.
He also said that "We have a string of countries from across the globe wanting to engage with India today to expand and deepen ties,".
According to the minister, the need of the hour is quick and aggressive outreach to global markets with a focus on investment, trade, technology, and tourism, leveraging the G20 Presidency and the edge India has today.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.