Goods, services exports to cross $760 bn in FY23:, says Piyush Goyal

The minister also said the FTAs (Free Trade Agreements) with the UAE and Australia have been welcomed by the industry

Press Trust of India New Delhi
Union Minister Piyush Goyal

Union Minister Piyush Goyal

Listen to This Article

Commerce and Industry Minister Piyush Goyal on Tuesday said the country's merchandise and services exports are estimated to cross USD 760 billion in the current fiscal ending March 31.

Exports grew to USD 676 billion in 2021-22 from USD 500 billion.

Speaking at the annual session of Assocham here, Goyal said that at a time when the whole world is facing recession, high inflation and elevated interest rates, India is performing well.

Goyal stressed that over the last 9 years, the focus of the Modi-government has been on building the foundation blocks which are necessary for an economy to have many years of uninterrupted and sustainable growth.

Various steps being take by the government are making India more cost competitive, be it the huge investment in infrastructure coupled with logistics, technological advancement, or the PM GatiShakti, he said.

He also said the performance of India's global trade has proved the naysayers wrong.

Also Read

Goods and services exports to cross $760 bn in FY23: Piyush Goyal

Exports in FY23 to reach about $770 billion: Commerce and industry ministry

India's exports to cross $750 billion this fiscal, says Piyush Goyal

Gujarat govt earned Rs 38,760 cr from taxes on petrol, diesel in two years

Have India's exports hit a rough patch?

Hiring intent for manufacturing, services sector up 10% in Q1FY24: Report

18 pharma companies lose licence for manufacturing spurious medicines

Honda recalls more than 330,000 vehicles due to side-view mirror issue

Urea imports to fall in FY23, 7.4 mn tonne imported till March 24: Govt

27% of industrial sector computers in India affected by malware in 2022

"I can say with great pride, happiness, and thanks to all your efforts that India has crossed in its 75th year of independence, as we speak today, USD 750 billion of exports," he said, adding the financial year is expected to end with a total exports (merchandise and services) of about USD 760 billion.

The minister also said the FTAs (Free Trade Agreements) with the UAE and Australia have been welcomed by the industry.

The speed of India's FTAs did not come at the cost of compromising the quality of agreements and it was done after extensive stakeholder consultation, he noted.

"We have a string of countries from across the globe wanting to engage with India today to expand and deepen ties," Goyal said and added the world recognises the delta of opportunities that India offers.

Leveraging on the G20 Presidency and the edge India has today, the need of the hour is speedy and aggressive outreach to global markets with focus on investment, trade, technology and tourism, the minister said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mar 28 2023 | 8:33 PM IST

Explore News