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.
Additionally, the minister emphasised that electric vehicles will contribute to reducing oil imports. The ministry is actively engaging in a series of meetings with plantation boards such as spices, rubber, tobacco, tea and coffee to enhance exports, particularly of value-added products.
He further emphasised that India has prioritised addressing the ban on imports of Russian-origin unpolished diamonds by the European Union (EU) and G7 nations to safeguard the interests of the domestic diamond polishing industry.
"Our ministry and the Gems and Jewellery Export Promotion Council are maintaining ongoing communication with the European Union and G7 nations," Goyal stated, noting that India strongly raised the issue in their recent meeting. "We continue to engage with them to mitigate any potential impact on the Indian industry," the minister assured.
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