After PM, Piyush Goyal also asks Banks to shed lending conservatism
New Delhi, May 6 (KNN) All the key indicators such as jump in exports and high GST collection in April reflect that the country's economy is on the growth path, said Commerce and Industry Minister Piyush Goyal while addressing the 'Summit on Enhancing Global Opportunities for Indian Project Exporters' organized by the Exim Bank .
Goyal urged the banking sector to abandon the mindset of conservatism that has set in the sector and be open to taking some risks.
He said that goods and services exports have touched USD 675 billion in 2021-22, while the GST (Goods and Services Tax) collection in April touched the highest ever level of about Rs 1.68 lakh crore, up 20 per cent from the year-ago period.
He also asked project exporters to diversify and foray into markets of the developed world and urged them not to restrict themselves to government's line of credit projects and projects in the developing world.
The minister outlined the challenges that the global economy has been facing such as the Omicron wave, global supply chain disruptions, soaring raw material costs, container shortages, financial market volatility and geopolitical tensions.
About the country's target of USD 1 trillion worth of goods and services exports by 2030, he said that the target would be achieved through the participation of all stakeholders.
Further, he urged the banking sector to abandon the mindset of conservatism that has set in the sector and be open to taking some risks.
India has all the necessary ingredients to become a global player in project exports, he said, adding, the world has realized that it is absolutely essential to invest in infrastructure.
Goyal said, "Exim Bank can study what the developed world wants, what are the restrictions in their government contracts". (KNN Bureau)