New Delhi: India’s overall exports, which includes services and merchandise exports, have crossed US$750 billion, setting an all-time high, according to Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal. Speaking at the ASSOCHAM Annual Session 2023 in New Delhi, the minister highlighted the growth in both the merchandise and service sectors, despite challenging times. He said that India’s performance was a source of pride, particularly given the global recession, high inflation and increasing interest rates elsewhere.
Goyal praised Prime Minister Narendra Modi’s call to rid India of its colonial mindset and recognise its roots and strengths, noting that the PM’s five principles would help India achieve a developed state by 2047, the centenary of its independence. The theme of the ASSOCHAM event, “Bharat@100: Paving the way for inclusive and sustainable global growth,” aligned with the aspirations of India’s youth and emerging economy. Goyal stressed that while the focus of the government was on meeting the basic needs of families, progress would also be measured in terms of social progress and human development indicators.
India’s domestic market has been growing steadily, with the government focused on building the necessary foundation blocks for sustained economic growth. Goyal emphasized that the government’s efforts to make India self-reliant were about opening doors wider and letting competitive and comparative advantages determine international trade. He urged policymakers to examine the entire value chain to identify industries and sectors in which India is most cost competitive and has an edge over others.
Goyal praised the government’s infrastructure initiatives, including the National Infrastructure Pipeline, PM Gati Shakti, and Unified Logistics Interface Platform, built upon technology as the backbone. He highlighted how UPI has democratized financial payment infrastructure and Open Network for Digital Commerce will promote e-commerce.
Goyal also noted the positive feedback from industry for the Free Trade Agreements (FTA) signed by India with Australia and the UAE. He said that further FTAs were under discussion to expand India’s trade and open up opportunities for the economy. Goyal called this India’s moment in the sun and urged the industry and businesspersons to showcase India’s business across the world during its G20 presidency.
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