Commerce Minister PiyushGoyal said the overall exports which had been
at 500 Billion US dollars for almost a decade has since reached 676 Billion US
dollars last year despite the difficulties being faced across the world. Overall
exports reached 776 Billion US dollars in FY 2022-23 with 450 Billion US
dollars of Merchandise exports and 326 Billion US dollars of services exports is
a laudable achievement for the country, he said.
The Minister stressed upon expanding
international outreach, bringing innovation and technology from across the
world to grab the opportunities available for growth. He encouraged businesses to invest and
engage with world markets through quality products and using Indian missions
abroad. Businesses should look for reliable partners in the supply chain, focus
on comparative advantage, acquire technology and work in the spirit of
collaboration.
The target of achieving 1 Trillion US dollars export of goods and 1
Trillion US dollars of services is a
modest target now, MrGoyal said adding that the increased export basket
will help India increase surpluses and reduce deficits. He said that now is the
opportunity for businesses and industry to establish leadership in global
trade. The
During his address at the CII Annual Session 2023, “Future Frontiers:
Competitiveness, Technology, Sustainability and Internationalization” in New
Delhi on May 24th, the Minister said that with adequate focus on innovation,
quality and talent of the people, sky is the limit for growth of India. He
highlighted that many countries across the globe are keen on fast-tracking the
FTAs with India now. India is now not
just talking but negotiating with Canada, EFTA, UK, EU over FTAs and this shows
the increased importance of India in the global order. This is a new India
which engages with the world from a position of strength believing in its
capabilities and caliber.
Over the last 9 years a successful journey has been undertaken by the
Government, Regulators and the people to bring back the economy on track. There
were many challenges stalling the economic development of India and at that
time India was amongst the fragile 5 countries in the world, but the present
government led to transformation beyond imagination.
India is the fastest growing economy of
the world with low inflation and strong foreign exchange reserves. Inflation has been consistently under
control in the range of 4-4.5 per cent except for a short period last year. Interest
rates in other developed countries are almost at par with India now.