India’s Exports To Reach Record USD 800 Billion In 2024-25 Fiscal Year, Says Piyush Goyal

India’s exports are on track to achieve a record USD 800 billion in the 2024-25 fiscal year, according to Commerce and Industry Minister Piyush Goyal. During a discussion in the Rajya Sabha on Friday, Goyal highlighted that the country’s exports have been steadily growing, with significant progress in the last four years.

He expressed confidence that India would end the current fiscal year with over USD 800 billion in exports, marking a historic achievement.

Goyal responded to Congress leader Rajeev Shukla’s concerns, stating that it is ‘not entirely accurate’ to claim that India’s exports are on the decline. The minister reassured the Upper House about the country’s trade prospects, emphasizing the continued upward trajectory of exports.

Rising Imports Reflect Economic Growth

While exports are growing, Goyal also acknowledged the rise in imports. He explained that certain imports, including petroleum products, coking coal, pulses, and edible oils, are “unavoidable” due to domestic shortages and high demand. Despite this, he viewed the increase in imports as a positive sign for the economy, driven by a rise in domestic consumption.

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Goyal further emphasized that the rise in imports would naturally lead to the establishment of production units in the country over the coming years. As industries are attracted to sectors with growing imports, it will result in job creation and increased investments, contributing to long-term economic growth.

Foreign Exchange Reserves Remain Strong

Addressing concerns about India’s falling forex reserves, Goyal reassured lawmakers that the country’s reserves have consistently remained above USD 600 billion for several months. He downplayed any concerns about the reserves, stating that the situation is stable and not a cause for worry.

The 2025-26 Union Budget has further supported consumption spending, particularly by offering tax relief to the middle class. This, according to Goyal, will further stimulate the economy and ensure a positive growth trajectory in the coming years.