Despite the uncertainty surrounding the global economy, India’s exports of products and services are anticipated to surpass $750 billion this fiscal year, according to Commerce and Industry Minister Piyush Goyal. The nation’s exports of products and services reached record highs in 2021–2022 of $422 billion and $254 billion, respectively, bringing the total to $676 billion. “We sold a record $650 billion worth of goods and services last year (exports). We plan to set a bigger record this year. We have already surpassed the amount from previous year. Hopefully, we will surpass $750 billion this year “During his remarks at the Raisina Dialogue. India’s exports decreased in January for the second consecutive month, falling by 6.6% to $32.91 billion, as a result of the slowing global demand. April through January of this fiscal year Exports of products increased by 8.5% to $369.25 billion, while exports of services were anticipated to be $272 billion during same time. According to the minister, industries that might aid in encouraging exports include those that produce manufactured goods, agricultural products, items that need a lot of labour, and high-quality commodities.
He expressed confidence that India’s exports of goods and services would reach $2 trillion by 2030. In response to a query regarding the growing trade deficit with China, he stated that the government is moving to increase domestic production of high-quality items, which would aid in reducing imports. He said, “Up until 2000–2001, Indo–China commerce was roughly $1 billion, and even up until 2004, trade was “possibly” in the range of $4 billion, with a $1 billion trade deficit. almost an outreach after 2004 was taken to deepen relations with China in order to significantly increase the import of Chinese goods. I don’t want to make this topic political, but between 2004 and 2014, trade expanded quickly, and the trade deficit nearly tripled “stated Goyal. He asserted that the increase in the trade deficit with China should be blamed on the previous administrations. The prior system in India truly demolished Indian manufacturing potential and never enabled Indian manufacturing to develop, he added, adding that the nation has already held them accountable on more than one occasion and will likely continue to do so. But today, he continued, the government is developing that environment to support domestic production. “We are pursuing fostering a culture of quality throughout the nation,” the minister stated. India’s exports to China between April and December 2022–2023 totaled $11 billion, while its combined imports totaled $75.9 billion. In terms of trade, the deficit was $64.9 billion. In regards to the semiconductor industry, he stated that a significant announcement regarding the construction of a semiconductor facility in Gujarat has already been made, and that other major global semiconductor firms are in communication with the ministry of electronics and information technology. He claimed that talks on free trade deals are proceeding “extremely well” with nations including the UK and Canada.
