Commerce and industry minister Piyush Goyal said India's exports of products and services have for the first time surpassed $750 billion and are on track to surpass $760 billion. A $760 billion export amount would represent a 12.4% increase over the $676 billion exported in the previous year.
The government had set a target of $750 billion for the year and is upbeat, given that it has been achieved despite a slowdown on the goods side in recent months, and has been scaled with a few days of the financial year left.
Even though they are forecast to fall short of the initial government forecasts of $470-480 billion, goods exports have decreased during three of the last five months. Yet, they are still anticipated to set a new record. For three consecutive months, imports have decreased, which has reduced the trade imbalance.
Speaking at the Assocham annual meeting, Goyal noted that India is doing well at a time when much of the rest of the globe is experiencing recession, rising inflation, and elevated interest rates. He said several countries are keen to enter into free trade agreements (FTAs) with India to deepen ties, seeking to tap into the opportunity that is on offer. The minister said trade deals with the UAE and Australia, which have been welcomed by the industry, showed the speed with which treaties were finalised did not come at the cost of compromising on quality of agreements, which were finalised after extensive stakeholder consultation.