News Brief

Piyush Goyal Confident Of Record $800 Billion In Goods And Services Exports In FY25, Here Are Key Focus Areas

Bhuvan Krishna

Jun 30, 2024, 11:01 AM | Updated 11:01 AM IST

Union Commerce Minister Piyush Goyal
Union Commerce Minister Piyush Goyal

Commerce and Industry Minister Piyush Goyal has stated on Saturday (29 June) that lndia's goods and services exports are projected to exceed $800 billion in FY25. This marks a 3 per cent increase from the previous fiscal year, despite the ongoing geopolitical challenges.

This comes despite the global situation remaining tense with two ongoing conflicts, the Red Sea crisis, and elections in about 60 per cent of the world's democracies this year and the next.

"We are confident we will get over $800 billion in exports this year, with both goods and services growing — we will create a record," Goyal stated at an event hosted by the Gems and Jewellery Export Promotion Council.

India's goods and services exports reached an all-time high of $778.2 billion in FY24. Outbound shipments in the previous month increased by 9.09 per cent compared to last year.

The ministry is setting specific export targets for various sectors, and collaborating with promotion councils and embassies abroad.

"India's growth journey is on a roll when international trade is falling," Goyal remarked. He also noted that India's dependence on imports will decrease as the oil economy transitions to electric vehicles.

"The focus is now on plantation boards such as rubber, tea, spices, and coffee, and how to increase their production, value addition, and quality," he said.

The minister further expressed confidence in making swift progress regarding India's proposed free trade agreement (FTA) with the European Union.

Goyal also expressed optimism about progress in FTA talks with the UK, mentioning discussions with that country's shadow trade and labour ministers. General elections in the UK are scheduled for 4 July, with the Labour Party widely expected to defeat the ruling Conservatives.

The minister stated that discussions are ongoing with the European Union and Group of Seven (G7) countries to ensure their ban on indirect imports of Russian diamonds does not affect India's exports.

India is the global leader in diamond cutting and polishing, handling nearly 90 per cent of the world's business.

Bhuvan Krishna is Staff Writer at Swarajya.

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