India’s exports of goods and services exceed US$23 760 billion in fiscal year

Trade and Industry Minister Piyush Goyal said Tuesday the country’s exports of goods and services are expected to surpass $760 billion in the current fiscal year ending March 31. Exports increased from US$500 billion to US$676 billion in 2021-22. Speaking at the Assocham annual meeting here, Goyal said that India is performing well at a time when the whole world is facing recession, high inflation and elevated interest rates.

Goyal emphasized that the Modi government’s focus over the past 9 years has been to build the basic building blocks necessary for an economy to have many years of uninterrupted and sustainable growth. Various steps being taken by the government are making India more price competitive, be it the huge investment in infrastructure coupled with logistics, technological advances or Prime Minister GatiShakti, he said.

He also said that India’s global trade performance had proved the naysayers wrong. “I can say with great pride, happiness and thanks to all your efforts that India in its 75th year of independence as we speak today has surpassed $750 billion in exports,” he said, adding that the fiscal year is expected to end total exports (goods and services) will be around US$760 billion.

The minister also said that the FTAs ​​(free trade agreements) with the United Arab Emirates and Australia had been welcomed by the industry. The speed of India’s FTAs ​​has not come at the expense of the quality of the agreements, and this came after extensive stakeholder consultation, he noted.

“We have a number of countries from around the world that want to work with India today to expand and deepen ties,” Goyal said, adding that the world recognizes the delta of opportunities that India offers. Capitalizing on the G20 presidency and the lead India has today, the need of the hour is rapid and aggressive outreach to global markets with a focus on investment, trade, technology and tourism, the minister said.

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