India’s overall exports cross all time high of $750 billion
New Delhi: Union Minister of Commerce and Industry Piyush Goyal today announced that India’s overall exports, which include services and merchandise exports, crossed US$ 750 billion today. “This is an all-time high and this achievement of 750 billion comes in the 75th year of independence as we celebrate the Azadi Ka Amrit Mahotsav” Goyal said while delivering his keynote address on ‘Strengthening India’s Competitiveness’ at the Associated Chambers of Commerce & Industry of India (ASSOCHAM)’s annual session here.
Goyal highlighted how the exports rose from US$ 500 Billion in 2020-2021 to this figure in extremely challenging times. “Given the fact that the whole world is in recession, inflation is at an all-time high for most developed countries, interest rates are shooting up and there’s a sense of doom and gloom in the rest of the world, India’s performance fills us with pride,” he said.
The Minister also noted that the focus of the Government is on ensuring that the basic needs of more and more families were being met and that “as we move ahead, growth will not only be measured in terms of economic progress but also in terms of social progress and human development indicators along with other factors”.
The Minister said that India’s “strong” macro economy, “robust” foreign exchange reserves, “relatively low” inflation and entrepreneurial spirit brought together the domestic ecosystem to not only “replace items from the import basket but achieve economies of scale and compete in the international market”. He claimed that India’s ability to innovate, R&D, the spirit of enquiry and out-of-the-box thinking is being witnessed by the world today and all this is reflective of the new spirit of ‘Bharat‘.
The Minister said that the Free Trade Agreements (FTA) signed by India with Australia and UAE have been welcomed by industry across the three countries and there has been positive feedback across media platforms. The speed, quality and extensive stakeholder consultations resulting in finding the right equitable balance have been appreciated by all sections, he added. He also stated that a series of FTAs are under different stages of discussion to further expand the trade of India and will further open up game-changing opportunities for the economy.
He further said that the G20 presidency has given a unique opportunity to position India globally and this must be leveraged by the industry and businesspersons to showcase India’s business across the world.
– global bihari bureau