India’s overall exports, that includes services and merchandise exports, have already crossed an all-time high of $750 billion in FY23, Union Commerce and Industry Minister Piyush Goyal said on Tuesday (28 March).
Goyal added that the exports milestone was achieved amidst extremely challenging global economic situation.
He also said that the milestone in India's exports came in the 75th year of independence as India celebrates the "Azadi Ka Amrit Mahotsav".
In his keynote address at the ASSOCHAM Annual Session 2023: Strengthening India's Competitiveness in New Delhi, the minister stated that there has been healthy growth in both merchandise and service sectors.
In his address, Goyal highlighted how the exports have risen from US$ 500 Billion in 2020-2021 to over $750 billion in extremely challenging times.
He said that given the fact that the whole world is in recession, inflation is at an all time high for most developed countries, interest rates are shooting up and there’s a sense of doom and gloom in the rest of the world, India’s performance fills us with pride.
The minister said that the domestic market has been growing steadily and over the last nine years the government's focus has been on building the foundation blocks which are necessary for an economy to have many years of uninterrupted and sustainable growth.
He noted that the first decade in the journey of a developing country becoming a developed country focussed on creation of strong fundamentals, economic framework and stable regulatory practices to attract domestic and international capital.
He said that India is undergoing such a journey and the country is lucky to bank upon its large domestic market and also access the whole wide world.
He noted the various initiatives undertaken by the government for the development of infrastructure like National Infrastructure Pipeline, PM Gati Shakti, Unified Logistics Interface Platform, etc, built upon technology as the backbone of such initiatives.
The minister said that India’s strong macroeconomy, robust foreign exchange reserves, relatively low inflation and entrepreneurial spirit under the leadership of Prime Minister Narendra Modi have brought together the domestic ecosystem to not only to replace items from the import basket but achieve economies of scale and compete in the international market.
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