India’s Goods Exports to Stand at US$ 290 Billion in FY21, Says Mr. Piyush Goyal

According to Mr. Piyush Goyal, Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution, India’s goods exports will total US$ 290 billion in the FY21 ending in March.

The minister described this as “amazing,” given how rapidly the country recovered from a difficult year.

In FY20, India’s products exports totalled US$ 313 billion.

He said, “We would conclude the year with 93% of last year’s goods exports, US$ 290 billion, compared to US$ 313 billion last year.”

Now, when it comes to major foreign companies that have invested in India in the last year, Apple and Samsung have made significant investments and expanded their operations in the region. He said, “I assume they are considering India as their primary manufacturing base in order to meet global demand.”

Pharma manufacturers are also considering expanding their activities in India.

The minister also expressed optimism that India would be able to surpass China in its collaboration with Bangladesh in the future. Despite the pandemic, India will have a record year in terms of FDI inflows.

He said “absolutely no question” that it would be a record year for India, considering the country was one of the ‘rare countries’ to see FDI growth in 2020.

India has been working diligently to strengthen ties with all of its neighbours. India’s ability to add value to its goods and services has aided in the expansion of trade relations with Bangladesh.

He said, “I am sure that we will be able to exceed China in their engagement with Bangladesh in the future. We’re working with a single-minded goal and our industry has the ability to excel.”

He said that India’s services sector has belief, and that the government is planning a number of initiatives, some of which should be addressed during Prime Minister Mr. Modi’s visit to Bangladesh.

He added further that between September 2020 to February 2021, Indian Railways has seen the highest freight loading in its history every month.

Even after the difficulties of the first few months of the lockdown, when we conclude in March 2021, we will have exceeded last year’s freight loading on Indian Railways, and it will be the highest freight loading that Indian Railways has recorded in its long history, he said.

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Source: IBEF

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