Goyal said that export services are marking healthy growth on the merchandise front too, despite the world seeing recession, overstocking of multiple commodities and enormous inflationary pressure
India’s exports businesses are performing extremely well and noticing the present trend and the outbound shipments would register approx 20 per cent growth in the current financial year and tends to cross the USD 300 billion target despite global economic uncertainties, said Piyush Goyal, Minister of Commerce and Industry in the inaugural session of B20 India Inception Meeting organised by industry chamber CII.
Goyal said that export services are marking healthy growth on the merchandise front too, despite the world seeing recession, overstocking of multiple commodities and enormous inflationary pressure.
The country’s export rose to 9 per cent YoY during April-December 2022-23 with all this stress. The export services are likely to see at least 20 per cent growth and by the present trends, India will exceed the aim of USD 300 billion in 2023.
While addressing the media, Goyal said the centre’s structural reforms and steps like ‘Make in India’ and ‘Digital India’ are yielding fruits.
The country’s overall export growth sees a 9 per cent increase to USD 332.76 billion, on the other hand, the imports rise to 24.96 per cent to USD 551.7 billion during April-December 2022-23.
Also, in the period of nine months, the trade deficit has widened to USD 218.94 billion against USD 136.45 billion in April-December 2021-22. India’s merchandise shipments reached an all-time high of USD 422 billion in the previous fiscal year.
The calculated export services value in April-December 2022 was USD 235.81 billion as compared to USD 184.65 billion in the year-ago period. These exports reached an all-time high of USD 254 billion in 2021-22, as per the data availed by the commerce ministry.
Goyal further said that individual months have recorded few highs and lows but the overall exports sector is doing well till now despite the worldwide economic uncertainties.