Despite uncertainties, India’s exports in the current financial year will remain equal to last year: Piyush Goyal – Dainik Savera Times
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New Delhi: Commerce and Industry Minister Piyush Goyal expressed confidence that despite the slowdown and uncertainties in global trade, India’s exports of goods and services during the current financial year will remain at the same level as last year. He also said that the government is implementing production linked incentive (PLI) schemes that focus on high quality goods and services. Doing this will help in controlling the country’s trade deficit. He said that therefore our trade deficit will be much less than last year.
Piyush Goyal said, I am happy to tell you that by the end of March in the current financial year, we will be at the same level as last year. There may be some adjustment between our goods and services, but taken together we will be at the same level as last year. Goyal said that considering that international trade of most developing countries and least developed countries has declined, this will be a very significant achievement. India’s exports of goods and services declined by 4.89 percent to US$ 353.92 billion during April-January in the current financial year. The estimated value of services exports in these ten months was $84.45 billion.
India’s export of goods and services was $ 776 billion in the last financial year 2022-23. Global supply chains have been affected due to the Russia-Ukraine war as well as the Israel-Hamas conflict. The Red Sea crisis has led to a significant increase in transportation costs. When asked if the government was thinking of extending any kind of support measures to deal with the crisis, he said that Indian industry really does not want to be dependent on the government to solve all the problems. .
He said that the government is working through the Army and Navy to ensure the safety of ships passing through the Red Sea. The government is very conscious and alert about the situation. Asked about the World Trade Organization (WTO), the Minister said it is very relevant and its relevance will continue to grow as the world needs a rules-based transparent trading system.
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