Commerce Minister Piyush Goyal Sanguine On Steady Export Growth

New Delhi, Mar 12 (KNN) Commerce and Industry Minister, Piyush Goyal, has expressed confidence in India's export stability amidst the global trade slowdown.

Despite challenges and uncertainties, Goyal anticipates that the country's goods and services export numbers will remain on par with the previous year's levels, reported PTI.

Highlighting government measures such as Production-Linked Incentive (PLI) schemes and a focus on high-quality goods and services, Goyal emphasised their role in curbing the country's trade deficit.

He anticipates a significant reduction in the trade deficit compared to the previous year.

Goyal stated, “I am happy to share with you that we close the current year in March at the same level as last year. We have a little bit of an adjustment between goods and services, but collectively we will be at the same level as last year, which will be a very, very significant achievement given that most developing countries and less developed countries are seeing a fall in their international trade.”

He revealed that despite a contraction of 4.89 per cent in merchandise exports from April to January 2023-24, with goods totalling USD 353.92 billion and services estimated at USD 84.45 billion, India's total exports in 2022-23 stood at USD 776 billion.

He emphasised the impressive 55 per cent growth in exports over two years, indicating a need to consolidate these gains in the current fiscal year.

He mentioned, “We grew by 55 per cent over a period of two years, both in goods and in services’. It went up to USD 776 billion in only two years. And with growth on both goods and services, we could clearly see that this year is going to be one where we will have to consolidate the gains.”

He also highlighted efforts to bolster confidence in Indian exporters to stand independently, reducing dependence on government aid.

Goyal elaborated on measures taken to address challenges, including collaboration with the military and the Navy to provide protection to ships in the Red Sea.

Continuous dialogue with countries in the region and domestic exporters underscores the government's vigilance in navigating the evolving trade landscape.

(KNN Bureau)