Minister expresses confidence in export growth this year despite global uncertainties.

12/1/20231 min read

Commerce and Industry Minister Piyush Goyal expressed optimism about the growth of India's exports despite global uncertainties. He acknowledged the possibility of a slowdown in growth this year due to ongoing conflicts worldwide and economic challenges in developed nations. Goyal highlighted India's significant achievement in increasing exports by nearly 55%, reaching USD 776 billion from USD 500 billion in 2021. Despite current geopolitical tensions and economic factors, he affirmed confidence in achieving export growth in the face of the present circumstances.

In October, India's merchandise exports saw a 6.21% increase to USD 33.57 billion, though the trade deficit widened to a record high of USD 31.46 billion. The cumulative data for April-October indicated a 7% contraction in exports to USD 244.89 billion, and imports fell by 8.95% to USD 391.96 billion.

Minister Goyal encouraged corporate investment in India, assuring a focus on improving the ease of doing business, reducing compliance burdens, decriminalizing laws, and eliminating redundant statutes. Speaking virtually at another event, he emphasized India's appeal to global investors, noting a market capitalization of USD 4 trillion and significant infrastructure growth, including doubled port capacity and the expansion of commercial airports from 74 to 150 in the last nine years, with further growth expected to 225 in the next five years.