According to Mr. Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Government of India, Indian exports are likely to reach US$ 410 billion this fiscal year despite geopolitical disturbances. During April-February 2022, the country’s merchandise exports totalled US$ 374.05 billion, up 45.80% from US$ 256.55 billion the previous year. India’s service exports will cross US$ 250 billion.
He also added, “If we want to be a US$ 5 trillion economy, our exports of goods and services will have to be US$ 1 trillion each, ideally 25% but at least 20%. I say 25% because we need to support our import of oil and therefore our exports will have to go up leaps and bounds so that we can continue to finance our imports and strengthen the rupee in days to come,”. The minister also advised the industry to think about three things: how to properly utilise India’s free trade agreements, instilling pride in Made In India products, and focusing on the development needs of aspirational districts or tier 2 and 3 cities.
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