Merchandise exports likely to be around $470-480 bn in FY23: Commerce Secretary Mr. BVR Subrahmanyam
- IBEF
- August 24, 2022
According to Commerce Secretary Mr. BVR Subrahmanyam, India's merchandise exports are expected to reach about US$ 470-480 billion in the current fiscal year, up from US$ 420 billion in 2021-22. The trade imbalance, which surpassed US$ 100 billion in the first four months of the current fiscal year, would not reach a discomfort threshold according to the secretary.
India's total exports (merchandise and services) reached an all-time high of US$ 669.65 billion in April-March 2021-22, up 34.50% over the same period the previous year. He went on to say that India has a big opportunity because many western countries are preparing to relocate their businesses away from China. He also stated that Japanese clothing giant Uniqlo plans to relocate its facility from China to India and will invest $1 billion.
Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal presented a dossier on the reform of the Department of Commerce in order to make it "future ready" and to create an ecosystem to meet the US$ 2 trillion export objective 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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