• Thursday, March 28, 2024

Business

India exports surpassed $750b, set to achieve $2t target, says industry minister Piyush Goyal

Indian commerce and industry minister Piyush Goyal (Photo by FABRICE COFFRINI/AFP via Getty Images)

By: Shubham Ghosh

Indian commerce and industry minister Piyush Goyal on Tuesday (28) said that the country’s exports went past $750 billion (£607.8 billion) and it was on track to achieve the export target of $2 trillion (£1.62 billion).

Speaking at the annual session of Associated Chambers of Commerce and Industry of India (ASSOCHAM), a non-government trade body and advocacy group based in New Delhi, he 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 (£405.2) in 2021 saw a phenomenal 35 per cent jump to $676 billion (£547.8 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,” according to the Hindu BusinessLine.

The minister said the domestic market was growing steadily and the South Asian nation has become the fifth largest economy from the 10th largest in dollar GDP terms.

Goyal added that India was not set to become the third-largest economy in the next four to five years. According to him, the past few years have been about building the foundation blocks that are required for an economy to see interrupted growth for a long time

“Out of $32 trillion (£25.9 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, our handling of Covid is 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,” Goyal was quoted as saying.

The minister also said that India is emerging as a global leader in the area of renewable energy. Goyal said that if the country succeeds in getting into hydrogen and green ammonia, it can not only alter its domestic sources of energy but also do the same for the rest of the world and offer goods and services produced with the least quantity of carbon impact, the Hindu BusinessLine report added.

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