New Delhi: Commerce and Industry Minister Piyush Goyal stated that despite global challenges, India's exports of goods and services are projected to exceed USD 800 billion in the current fiscal year. In the fiscal year 2023-24, exports amounted to USD 778.2 billion, with goods contributing USD 437.1 billion and services USD 341 billion.
The minister noted that amidst upcoming elections in major democracies like Europe, the 9% growth in India's exports in May is a very positive indicator. This growth underscores the global interest in trade and investment with India. Goyal expressed confidence that this fiscal year will see India achieve historic exports exceeding USD 800 billion. He made these remarks during his participation in a programme organised for gems and jewellery exporters.
India achieved a current account surplus of USD 5.7 billion, equivalent to 0.6% of GDP, in the March quarter. This marks the first occurrence of a surplus in this key measure of the country's external economic strength in 10 quarters. He further mentioned that the Ministry is collaborating closely with Indian missions abroad and export promotion councils to achieve the USD 800 billion export target. Goyal highlighted that the reduction in last year's current account deficit (CAD) indicates positive trends, anticipating increased exports to bolster manufacturing.
According to government data, India's merchandise exports increased by 9.1% to reach USD 38.13 billion in May, although the trade deficit expanded to a seven-month high of USD 23.78 billion for the month.
