Confident of over $800 billion exports in goods and services this fiscal year: Union minister Goyal
Confident of over $800 billion exports in goods and services this fiscal year: Union minister Goyal
NEW DELHI: Commerce and industry minister Piyush Goyal on Saturday said that goods and services exports are expected to cross $800 billion in the current fiscal year despite global challenges such as the ongoing conflict between Ukraine-Russia and Israel-Hamas, the Red Sea crisis and upcoming elections in major European countries.
The minister further said that to achieve this feat, the ministry is collaborating with Indian missions abroad and export promotion councils to develop specific strategies.
"In such a situation it's a positive sign that our exports are growing (9 per cent growth in May) and ...this also reflects that the world wants to do trade and investments with India. We are confident that this year we will have over USD 800 billion exports and it will be a historic record," said the minister.
Meanwhile, India's total exports amounted to $778.2 billion, with goods exports contributing $437.1 billion and services exports accounting for $341 billion in the previous fiscal year.
Goyal further said that India's current account deficit (CAD) has reduced in the previous year, and he expects that exports will continue to increase, providing a boost to the manufacturing sector.
India recorded a current account surplus of $5.7 billion, or 0.6 per cent of GDP, in the March quarter. This marks the first time in ten quarters that the country's external strength has shifted into surplus mode. In comparison, the current account deficit stood at $1.3 billion, or 0.2 per cent of GDP, in the corresponding period of the previous year, and $8.7 billion, or 1 per cent of GDP, in the preceding quarter ending December 2023.
India's merchandise exports increased by 9.1 percent to $38.13 billion in May, despite the trade deficit expanding to a seven-month high of $23.78 billion, based on the most recent government data.
Additionally, the minister stated that India has prioritized the issue of the European Union (EU) and G7 nations banning imports of unpolished diamonds originating from Russia to safeguard the interests of the domestic diamond polishing industry.
"Our ministry and the gems and jewellery export promotion council are continuously in touch with the European Union and G7 nations. Still we are in touch with them to ensure that Indian industry does not have an impact, " said Goyal, adding that India strongly raised the issue in the last meeting.
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