Piyush Goyal upbeat on India's export outlook despite global slowdown

  • Industry News
  • Jan 08,24
Goyal highlighted the noteworthy achievement of India's goods and services exports, surging from $500 billion two years ago to an impressive $776 billion in 2022-23.
Piyush Goyal upbeat on India's export outlook despite global slowdown

Commerce and Industry Minister Piyush Goyal expressed optimism asserting that despite the global trade slowdown, India is poised to sustain its export performance from the previous fiscal year. Goyal highlighted the noteworthy achievement of India's goods and services exports, surging from $500 billion two years ago to an impressive $776 billion in 2022-23.

In the face of negative global growth and a downturn in international trade, Goyal acknowledged the prevailing challenges. However, he emphasised the need for consolidation and outlined a strategy to fortify India's position. Despite the contraction in merchandise exports by 6.5% to $278.8 billion in the period of April-November 2023-24, Goyal expressed confidence in maintaining last year's export figures. He underscored the importance of enhancing processes and building capacities and capabilities to enable accelerated growth in the current fiscal year. Services exports during the eight-month period were estimated at $220.7 billion.

Source: Indiatimes

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