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.