On Tuesday, Union Commerce and Industry Minister Piyush Goyal stated India’s overall exports, including exports of goods and services, have already reached an all-time high of $750 billion in FY23.
Goyal added that the achievement of the product was accomplished amid challenging worldwide financial circumstances. In addition, he stated that India’s exports reached a new high on the 75th anniversary of its independence during the “Azadi Ka Amrit Mahotsav” celebration.
An Overview
In his Keynote Address at the 2023 ASSOCHAM Annual Session, the minister stated in New Delhi, Strengthening India’s Competitiveness, that the service and merchandise sectors have experienced healthy growth.
Goyal talked about how exports have increased from $500 million in 2020 and 2021 to over $750 million in challenging times. He stated that India’s performance gives us pride even though the rest of the world is experiencing gloom, inflation is at an all-time high in most developed nations, interest rates are rising, and the world is in recession.
He has seen the first ten years of a developing nation’s transformation into a developed country were devoted to developing solid fundamentals, an economic framework, and sound regulatory practices to attract domestic and international capital.
He added that India is going through a similar transition and is fortunate to have access to the entire world and its large domestic market.
End Note
The minister stated that under Prime Minister Narendra Modi’s leadership, India’s solid macroeconomic economy, robust foreign exchange reserves, and relatively low inflation. Entrepreneurial spirit brought together the domestic ecosystem to replace imported goods, achieve economies of scale, and compete in the international market.
