Piyush Goyal Highlights Positive Economic Indicators, Forecasts Robust Growth

ENA Economy 2024-07-01 16:42:47 New Delhi, Jul 1 (KNN) In a recent statement, India's Commerce and Industry Minister Piyush Goyal expressed optimism about the country's economic outlook, citing several positive indicators. Speaking at a gems and jewellery industry event, Goyal highlighted a healthy increase in exports, improvements in the current account deficit (CAD), and a focus on expanding manufacturing as key factors contributing to India's economic growth. The minister projected that India's combined goods and services exports would surpass USD 800 billion in the current fiscal year, up from USD 778 billion in 2023-24 and USD 776 billion in 2022-23. Goyal noted a wonderful mood among industry leaders and exporters, along with strong investor confidence in India's growth story. We are very confident that the Indian economy is poised for both healthy and organised growth, providing opportunities to lakhs of people across India, Goyal stated in an interview with PTI. Various international agencies have provided GDP growth forecasts for India in the coming fiscal year. S&P Global Ratings maintains its projection at 6.8 per cent, while Fitch estimates 7.2 per cent. The Asian Development Bank (ADB) predicts 7 per cent growth, and both Moody's Ratings and Deloitte India forecast 6.6 per cent. Morgan Stanley projects a growth rate of 6.8 per cent. India's economic indicators have shown positive trends recently. The country recorded a current account surplus of USD 5.7 billion, or 0.6 per cent of GDP, in the March quarter. Additionally, merchandise exports rose by 9.1 per cent to USD 38.13 billion in May, although the trade deficit widened to a seven-month high of USD 23.78 billion during the same period. Regarding potential policy changes, Goyal mentioned that several suggestions for amending regulations on special economic zones (SEZs) are under consideration. As India continues to focus on economic growth and development, these indicators suggest a cautiously optimistic outlook for the nation's financial future. (KNN Bureau) 38428 https://knnindia.co.in/news/newsdetails/economy/piyush-goyal-highlights-positive-economic-indicators-forecasts-robust-growth 2024-07-01 16:42:47 knnindia.co.in Piyush Goyal Highlights Positive Economic Indicators, Forecasts Robust Growth