Union Minister for Commerce and Industry Piyush Goyal on Monday (7 March) opined that a strong currency reflects the strength of the nation and would always be good for exports.
“I personally am not of the old school of thought (or) one section of Industry or society or exporters which believe that a weak Rupee or a weak currency supports exports. I believe a strong currency reflects the strength of a nation and will always be good for exports, because India, at the end of the day, is a net importer of Goods. A strong currency supports the Indian economy,” Goyal said while delivering the keynote address to the ASSOCHAM Annual Session on “The great Reset: Reinforcing India’s Global Positioning”.
The minister also said that India’s exports share in GDP should rise to at least 20 per cent.
“If we want to be a $5 trillion economy, our exports of Goods and Services will have to a trillion dollars at least, - ideally 25 per cent, but at the very least 20 per cent! And why I said 25 per cent, because we need to support our import of Oil. And therefore our exports will have to really go up by leaps and bounds so that we can continue to finance our imports and strengthen the Rupee in the days to come,” he said, according to a Commerce Ministry release.
Goyal said he is hopeful India’s exports will touch $410 Billion in the current Financial Year.
“I am delighted that we are at $374 billion until February, 2022, i.e. 11 months of this (financial) year. So I do believe that irrespective of problems that we have in the northern parts of Asia-Europe, we are well on track not only to achieve 400 ($400 billion), I am hoping closer to 410 (410 billion),” he said.
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