India's Exports To Surpass USD 800 Billion In FY 2023-24: Piyush Goyal

New Delhi, Jan 4 (KNN) Commerce and Industry Minister Piyush Goyal expressed confidence on Friday that India's combined exports of goods and services will exceed USD 800 billion in the current fiscal year, setting a new record despite global economic challenges. This projection represents growth from the previous fiscal year's achievement of USD 778 billion.

Despite acknowledging stresses in the global economic system, Goyal emphasised the diversity of India's export basket as a key strength. 

The minister noted that exports to developing nations and least developed countries (LDCs) have faced headwinds due to foreign exchange crises in the aftermath of the COVID-19 pandemic, further compounded by the ongoing Red Sea crisis affecting shipping routes.

The projected export growth is particularly noteworthy given that it comes amid government-imposed restrictions on several items. 

Goyal also addressed the high import levels, characterising them as indicative of a growing economy with strong demand for equipment, machinery, and intermediate products within the country.

Looking toward future international trade relations, the minister expressed anticipation for "deep and substantive engagement" with the upcoming U.S. administration, specifically mentioning looking forward to working with the Trump administration again.

(KNN Bureau)