New Delhi, Commerce and Industry Minister Piyush Goyal expressed confidence on Wednesday that India would maintain its export figures from the previous year despite the ongoing global trade slowdown. Goyal highlighted that India’s exports of goods and services surged from $500 billion two years ago to $776 billion in the fiscal year 2022-23.
Addressing reporters, Goyal acknowledged the negative growth globally and the anticipated fall in international trade. Despite these challenges, he emphasized a phase of consolidation and expressed optimism about India’s ability to maintain its export numbers. Goyal further stated his expectation for the country to strengthen processes and capacities, enabling it to achieve faster growth in the current fiscal year.
While cumulative merchandise exports from April to November 2023-24 contracted by 6.5% to $278.8 billion, services exports during the same period were estimated at $220.7 billion. The minister’s reassurance comes at a time when global uncertainties pose challenges to international trade.
