Business News/ Economy / India’s overall exports crosses an all time high of $750 billion: Goyal

India’s overall exports crossed an all time high of $750 billion, commerce minister Piysuh Goyal said on Tuesday. Speaking at an industry event, the minister said that exports have risen from $ 500 billion in 2020-2021 to this figure in extremely challenging times.

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.

 “We’ve had a record run of FDI over the last decade with an all-time high every year until March 2022. Exports at about $500 billion in 2021 saw a phenomenal 35% jump to $676 billion last year. Today we have crossed $750 billion in exports with growth in both goods and services exported. I am sure we can achieve $2 trillion – a trillion each in goods and services respectively" Goyal stated.

 “Out of $32 trillion international trade, our share is miniscule therefore the delta of possibilities is huge. The kind of new ideas and new products that India has developed in the last few years, and our handling of the Covid pandemic are all reflective of the new spirit that Bharat has. Our ranking in the global innovation index has now improved to 40th rank, ease of doing business ranking has improved to 63rd by 2019," he added.

As we go forward, growth will not be measured in just economic growth, it will be measured in social progress, human development indicators and with growth across regions. Growth will have to be sustainable and inclusive, we will have to focus on environmental, social, and governance (ESG), the minister further added.

As per a statement by the commerce and industry ministry, the minister stated that the domestic market has been growing steadily and over the last 9 years the 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 & international capital. The minister stated that India is undergoing such a journey and India is lucky to bank upon its large domestic market and also access the whole wide world.

 “Renewable energy is an area where India is becoming a global leader and as we move up the value chain, if we are able to get into hydrogen and then green ammonia in India, we can not only change our source of energy in India but we can do that for the rest of the world and offer goods and services produced with the least amount of carbon impact making us even more attractive," Goyal added.

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Updated: 28 Mar 2023, 08:41 PM IST
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