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Will cross $750 billion exports soon: Piyush Goyal.
Mar 10, 2023

Commerce and industry minister Piyush Goyal on Thursday said that India’s goods and services exports will soon cross $750 billion.
 
'Data till February shows that we will cross $750 billion of exports in a few days… Both merchandise and services are growing. Services are growing faster,' Goyal said at an event organised by the Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) in Mumbai.
 
He also said $315-320 billion of services export are expected this year.
 
India’s goods and services exports touched an all-time high of $422 billion and $254 billion respectively, in FY22 taking the total shipments to $676 billion.
 
He said that forecasts show that global trade is slowing but India’s exports are growing, and when the year started, with the Ukraine war, orders were slowing in developed economies, and inflation and recessionary conditions were there.
 
Goyal also said that 2,000 products will come under Quality Control Orders as the country has been slow on them.
 
'Other countries give high degree of importance to build bridges with India, expand trade and commercial relations, improving their military and defence ties with India…every field they feel India is a bright spot and global power,he said, adding that this sweet spot is a rare opportunity.
 
On free trade pacts, he said that the India-Australia Economic Cooperation and Trade Agreement (ECTA) is a balanced and equitable agreement, and is an opportunity for battery manufacturing.
 
'There is good potential to process rare earths and minerals,' Goyal said, and asked the exporters to put more effort like Japan and Korea to push exports and also study India’s FTAs.
    
economictimes.indiatimes.com

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