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Geopolitical situation, inflation impacting certain exports: Piyush Goyal.
Aug 30, 2023

Commerce and industry minister Piyush Goyal on Tuesday said that the current year shows some challenges with the geopolitical situation across the world, concerns around inflation and slowing growth which is impacting certain sectors such as petroleum, natural diamonds, readymade garments and chemicals.
 
At an event organised by the Federation of Indian Export Organisation (FIEO), he emphasised on value, volume and quality of exports and that India is trying to unlock newer markets through free trade pacts, collaboration work different countries, encouraging investments in modern technology, looking for digitalization and technology adaption.
 
'The current year does show some challenges with the geopolitical situation across the world with concerns around inflation slowing growth and the impact that we have seen in certain sectors,' Goyal said.
 
He said the target for 2030 is to have $1 trillion of goods exports and $1 trillion of service exports, and that India aspires to to become a $35 trillion economy by 2047.
 
The minister also met various export promotion councils earlier in the day where issues related to the EU’s Corporate Sustainability Due Diligence Directive, and Carbon Border Adjustment Mechanism were taken up.
 
'Issues related to high imports of gold and some chemicals but the low exports of gems and jewellery were discussed,' said an industry representative who participated in the meeting, adding that exporters assured the government of reaching $450 billion of goods exports in the next seven months.
 
Officials said that petroleum products, marine products and inorganic chemicals were among the 15 key product categories where export volumes rose but value fell in April-June FY24.
 
At the FIEO event, Goyal said that India’s space sector is not going to be restricted to the government alone.
 
'We have already formed IN-SPACE. And one thing on regulatory forbearance and regulatory simplification to allow the private sector to participate in this journey of space,' he said.
    
economictimes.indiatimes.com

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