Union commerce minister Piyush Goyal on Tuesday said India’s overall exports, both goods and services combined, have already crossed a record $750 billion mark, which comes “in the 75th year of Independence as India celebrates the Azadi Ka Amrit Mahotsav”.
“India’s performance fills us with pride,” he said at the Assocham annual session on the theme ‘Bharat@100: Paving the way for inclusive and sustainable global growth’. This accomplishment is despite the contraction in global demand, high inflation in most developed countries, hardening of interest rates by all major central banks and “a sense of doom and gloom” in many parts of the world, he added.
The uptrend in the overall exports was evident when the preliminary trade data for 11 months of the current financial year was compiled in mid-March.
India’s exports in the first 11 months of FY23 have already crossed 2021-22’s full-year record figure of $672 billion and is touching $702.88 billion. “We will exceed our target of $750 billion overall [goods and services] exports in FY23,” commerce secretary Sunil Barthwal had then said.
Addressing the gathering on Tuesday, Goyal said the Modi government focused on raising India’s competitiveness in the last nine years through Aatmnirbhar Bharat Abhiyaan (Self-reliant India Initiative), Start-up-India, Stand-up India, and Production-linked Incentive (PLI) scheme. The focus of the Modi government has been on building the foundation blocks necessary for an economy to enjoy “uninterrupted and sustainable growth” for several years.
The performance of India’s global trade has proved the naysayers wrong, he said. According to the minister, India’s exports in 2022-23 could touch $760 billion when data till March 31 is compiled.
Goyal said India has emerged as one of the major economic powers and the people want to see India as an economic superpower leading the world in meeting global challenges.
The focus of the government is to ensure the basic needs of more and more families. Growth will not only be measured in terms of economic progress but also in terms of social progress and human development indicators along with other factors, he said. With more than 800 million people in the country using the internet in this interconnected world, India has a new aspirational Bharat and the government is working to meet aspirations of the “New Bharat”, he said.
Goyal said the government’s effort to make India self-reliant is about not closing doors but further opening them wider to let competitive and comparative advantages determine international trade.
The minister said India’s strong macro economy, robust foreign exchange reserves, relatively low inflation and entrepreneurial spirit have brought together the domestic ecosystem to not only replace items from the import basket but achieve economies of scale and compete in the international market.
Goyal said the Free Trade Agreements (FTAs) signed by India with Australia and the United Arab Emirates (UAE) have been welcomed by all stakeholders. The speed, quality and extensive stakeholder consultations resulting in finding the right equitable balance have been appreciated by all sections, he said, adding that more such deals are under different stages of discussion to further expand India’s trade.
“This is India’s moment,” he said adding that the G20 presidency has given a unique opportunity to position India globally and this must be leveraged by the industry and businesspersons to showcase India’s business across the world.
Source- Hindustan Times.
