During the ASSOCHAM Annual Session 2023, Mr. Piyush Goyal, who serves as the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, declared that India’s merchandise and services exports are expected to surpass US$ 760 billion in the present fiscal year, which will end on March 31, 2023.
India’s Massive Export Performance Despite Global Headwinds:
Despite the global economic downturn, rising inflation, and high-interest rates, Mr. Goyal highlighted India’s successful performance. He also stated that exports increased from US$ 500 billion in 2020-21 to US$ 676 billion in 2021–22.
India’s Free Trade Agreements (FTAs): Worthy Signs:
Furthermore, the minister noted that the industry has responded positively to the Free Trade Agreements (FTAs) with the UAE and Australia. He emphasized that while India’s FTAs were negotiated quickly, the quality of the agreements was not sacrificed and was done after extensive stakeholder consultation.
The minister added that many countries from all over the world are interested in engaging with India to deepen and expand their ties. Therefore, he believes that aggressive outreach to global markets focusing on investment, trade, technology, and tourism leveraging the G20 Presidency and India’s current edge is essential.
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