India’s Exports To Cross USD 800 Billion Despite Global Economic Challenges, Says Piyush Goyal

Commerce and Industry Minister Piyush Goyal announced on Friday that India’s exports of goods and services are set to exceed USD 800 billion in the current fiscal year, marking a new record. This comes after India’s exports stood at USD 778 billion in the previous fiscal year. Goyal expressed confidence that despite global economic uncertainties, India’s export sector would continue to thrive.

Minister Goyal projected that India’s exports would surpass the USD 800 billion mark, noting that this would be a significant achievement considering the current global economic situation. “My estimate is that we will cross USD 800 billion in exports, another record given the world situation,” he told reporters. He emphasized that India’s diverse and robust export basket provides resilience in the face of external challenges.

Rapid Growth In Services Exports

Along with goods, Goyal highlighted the rapid growth in India’s services exports. The increasing contribution of services to the export sector is a key factor in driving overall export growth, adding to the nation’s positive economic outlook.

Turning to global issues, Goyal acknowledged the stress faced by developing and least developed countries (LDCs), particularly due to the ongoing forex crisis following the COVID-19 pandemic. He also pointed to the Red Sea crisis, which had disrupted shipping lines and further complicated global trade. Despite these challenges, India’s export growth has remained resilient, showcasing the strength of its export capabilities.

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While imports have also risen, Goyal explained that this is indicative of a growing economy. “Imports were also high, but that is in a way a sign of a growing economy. It shows that there is a demand for equipment, machinery in a big way, input and intermediate products, in the country,” he said. This increase in imports signals the need for machinery and other goods to support India’s expanding industrial and manufacturing sectors.

Looking Ahead: Engagement With The New US Administration

Regarding future foreign relations, Goyal expressed optimism about India’s engagement with the new US administration. “We are looking forward to a deep and substantive engagement with the new US administration… we are looking forward to working with (Donald) Trump administration again,” he stated, indicating that India aims to strengthen its ties with the United States, regardless of the changes in leadership.

Minister Piyush Goyal’s remarks reflect a strong and optimistic outlook for India’s export sector, which continues to show resilience in the face of global economic challenges. With the projected record export figures and a growing share in services exports, India is poised to further cement its position as a major player in the global trade arena.