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FY22 goods exports likely close to $410 billion: Piyush Goyal.
Mar 08, 2022
Commerce and industry minister Piyush Goyal on Monday said that India will clock around $410 billion of goods exports in FY22, higher than the $400 billion aimed despite the 'problems in the Northern part of Europe and Asia'.
With services exports likely to cross $250 billion, he said will be possibly for the first time that close to 25% of the nation’s gross domestic product (GDP) would come from overall exports.
'We’re at $374 billion of exports till February. Despite the problems in the Northern part of Europe and Asia, we are well on track not only to achieve $400 billion, I’m hoping closer to $410 billion,' Goyal said at an event organised by industry chamber Assocham.
The minister added that he has reset the target for services export twice during the year and despite travel, tourism and hospitality 'taking a knock, I won’t be surprised if we cross $250 billion'.
'So this will be a year of huge records, possibly for the first time, with we edging very close to 25% of the nation’s GDP coming out of exports both goods and services,' he said.
Goyal said that India has reduced or eliminated the compliance burden on almost 27,000 compliances at the centre and states.
He said if India wants to be a $5 trillion economy, the exports of goods and services will have to be a $1 trillion each.
'Ideally 25% but atleast 20%. I say 25% because we need to support our import of oil and therefore our exports will have to go up leaps and bounds so that we can continue to finance our imports and strengthen the rupee in days to come,' he said.
Noting that he is not of the old school of thought of one section of industy or exporters which believe that a weak rupee or a weak currency supports exports, Goyal said: 'I believe a strong currency reflects the strength of a nation and will always be good for exports because india is a net importer of goods. A strong currency supports the Indian economy'.
Goyal asked the industry to explore existing free trade agreements FTA or ones India is negotiating and see how they can be used at their full potential. The minister added that from Tuesday, the third round of negotiations with the United Kingdom for an FTA will start while talks with Australia are on.
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